Plot and label 3 indifference curves for each of three consumers, using a different graph for each consume U(x1,X2) = X,X2 is consumer 1 so draw three curves for them U(x4,X2) = min(x,/5, 2x,+3) is consumer 2, so 3 curves for the U(x1,X2) = 3x, + 4x, is consumer 3, so 3 curves for them too On each consumer's graph, plot and label the budget
Plot and label 3 indifference curves for each of three consumers, using a different graph for each consume U(x1,X2) = X,X2 is consumer 1 so draw three curves for them U(x4,X2) = min(x,/5, 2x,+3) is consumer 2, so 3 curves for the U(x1,X2) = 3x, + 4x, is consumer 3, so 3 curves for them too On each consumer's graph, plot and label the budget
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 11SQ
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Really need some help answering these questions, it’s all one problem but I understand that it’s kind of big. You can take away a couple of my “questions left” if you need. I just need help understanding as much of this as possible. Thank you so much.
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