lucys utility functions is U (s, l) = min{s2+2L2, 2s2+L2}, where s is her consumption of sandwiches and l is her consumption of cups of lemonade. a. Draw Susan’s indifference curve along which her utility is 300 b. How many s
lucys utility functions is U (s, l) = min{s2+2L2, 2s2+L2}, where s is her consumption of sandwiches and l is her consumption of cups of lemonade. a. Draw Susan’s indifference curve along which her utility is 300 b. How many s
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.2P
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lucys utility functions is
U (s, l) = min{s2+2L2, 2s2+L2}, where s is her consumption of sandwiches and l is her consumption
of cups of lemonade.
a. Draw Susan’s indifference curve along which her utility is 300
b. How many sandwiches and cups of lemonade Susan will consume if she
has $20 and price of a sandwich and a cup of lemonade are $2 and $4,
respectively.
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