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The utility function is (, ) = 2 ( + ). a)Draw the indifference curve passing through the combination in blue (5,5).Draw the indiffere nce
The utility function is (, ) = 2 ( + ).
a)Draw the indifference curve passing through the combination in blue (5,5).Draw the indiffere nce curve in black, which gives 24 units of utility.
b)If the value of X is 1, of Y is 2 and of income is 10, draw the income curve in red.What combination will you choose?
c)If X's price is 5, Y's price is 4 and your income is 9, what combination will you choose?
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