Question
The utility function of Panagiotis is (, ) = min {4, 2 + }, where X is the consumption of shirts and Y is the
The utility function of Panagiotis is (, ) = min {4, 2 + }, where X is the consumption of shirts and Y is the consumption of jackets.Panagiotis consumes 15 shirts and 10 jackets.The price of the shirts is 10.
a)Draw the indifference curve that passes through the point (15,10).
b)Calculate the income of Panagiotis.
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Managerial Economics A Problem Solving Approach
Authors: Luke M. Froeb, Brian T. McCann
1st Edition
0324359810, 9780324359817
