Question
Suppose a consumer has preferences given by U(X,Y) = MIN[X,3Y].Suppose PX= 1 and PY= 2.Draw the Income Consumption Curve for this consumer for income values
Suppose a consumer has preferences given by U(X,Y) = MIN[X,3Y].Suppose PX= 1 and PY= 2.Draw the Income Consumption Curve for this consumer for income values
M = 100
M = 200
M = 300
carefully draw the budget constraints associated with each of the prices for good X, and indicate the bundle that the consumer chooses in each case.Also, be sure to label your graph accurately.
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Econometric Analysis Of Cross Section And Panel Data
Authors: Jeffrey M Wooldridge, J M Wooldridge
2nd Edition
0262232588, 9780262232586
