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Question 5) Is the diagram below a correct representation of the consumers preferences if X is a good and Y is a bad? Explain. {Be
Question 5) Is the diagram below a correct representation of the consumers preferences if X is a good and Y is a bad? Explain. {Be sure to discuss both the shape of the indifference curves and total utility.) (5 marks) Y Question 6) At the current combination of X and Y the consumer's MUS? and MU}.=4. If P53 and P52, is the consumer maximizing their satisfaction? If not, explain in detail what the consumer should do, and illustrate. {5 marks)
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