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Consider a consumer with utility function(, ) = min{2, 4}and let , , denote the price of good x, the price of good y and
Consider a consumer with utility function(, ) = min{2, 4}and let, , denote the price of good x, the price of good y and the consumer's income respectively.
a)Graph the indifference curves.
b)If= 1,= 2, = 100calculate the optimal quantity demanded of x and y.
c)If= 3,= 2, = 200, calculate the optimal quantity demanded of x and y.
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