Jean-Pierre has preferences represented by the utility function U(x, y) = min{ 2x + y, x + 6y}. If x is on the horizontal axis and y is on the vertical axis, what is the slope of his indifference curve at the point (7, 7) ?
A) -1/2
B) -6/2
C) -1/6
D) -2
E) -7/7
Correct Answer:
Verified
Q10: Mark strictly prefers consumption bundle A to
Q11: With quasilinear preferences, the slope of indifference
Q17: Wanda Lott has the utility function U(x,
Q18: Henrietta's utility function is U(x1, x2) =
Q20: Maximilian consumes two goods, x and y.
Q22: Angela has preferences represented by the utility
Q23: Harmon's utility function is U(x1, x2) =
Q24: Doreen has preferences represented by the utility
Q25: Emily's utility function is U(x, y) =
Q26: Charles's utility function is U(x, y) =
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents