Tim has preferences represented by the utility function U(x, y)= min{6x + y, x + 2y}.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 (8,9)?
A)-6
B)-2/6
C)-1/2
D)-1/6
E)-8/9

Question

Quizplus · Accepted Answer

To find the slope of the indifference curve at point (8,9), we need to take the partial derivative of the utility function with respect to x and y, and then calculate the slope at (8,9):

Ux = 6 > 0
Uy = 2 > 0

MRS = MUx/MUy = 6/2 = 3

The slope of the indifference curve at point (8,9) is -1/MRS = -1/3. Therefore, the answer is (C)F1F1F1S1F1F1F101/2.

Tim Has Preferences Represented by the Utility Function U(x, Y)=