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Sketch the indifference curves of each the following utility functions defined over different bundles of bread (B) and cheese (C) : (a) U(B,C) = BC,
Sketch the indifference curves of each the following utility functions defined over different bundles of bread (B) and cheese (C) : (a) U(B,C) = BC, e.g. Cobb Douglass preferences with a preference weight of = 1/2. (b) U(B,C) = min{B,C}, e.g. perfect complements. (c) U(B,C) = B + C, e.g. perfect substitutes.
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