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Two goods X1 and X2, let w be the wealth, P1>0, P2>0. Utility function is that U(X1,X2)=min(2X1, X2) Draw the indifference curves, determine whether the

Two goods X1 and X2, let w be the wealth, P1>0, P2>0.

Utility function is that U(X1,X2)=min(2X1, X2)

Draw the indifference curves, determine whether the preferences are convex, strictly convex or neither, compute the Walrasian Demand, indirect utility function, Hicksian demand and expenditure function.

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