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Use Separate Graphs to Sketch Two Indifference Curves for People

Question 51

Essay

Use separate graphs to sketch two indifference curves for people with each of the following utility functions:
a.U(x, y)= x + 2y.
b.U(x, y)=min{x,2y}.
c.U(x, y)= max{x,2y}.

Correct Answer:

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a.These are straight lines with slope 1/...

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