Question
6. Assume your preferences for food and clothing are given by the following utility function: U(F, C)=2F*C. a) Draw the indifference curve for the cases
6. Assume your preferences for food and clothing are given by the following utility function: U(F, C)=2F*C.
a) Draw the indifference curve for the cases of U=20 units and U=30 units.
b) Calculate the MRS for the case when U=20 units and your move from one arbitrary consumption bundle to another along the indifference curve.
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
