Wanda Lott's utility function is U(x, y) = max{ 2x, y}. Draw some of Wanda's indifference curves. If the price of x is 1, the price of y is p, and her income is m, how much of y does Wanda demand?

Question

Quizplus · Accepted Answer

The Answer of Wanda Lott's utility function is U(x, y) = max{ 2x, y}. Draw some of Wanda's indifference curves. If the price of x is 1, the price of y is p, and her income is m, how much of y does Wanda demand?

Wanda Lott's Utility Function Is U(x, Y) = Max{ 2x