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1. (20 points) Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U =
Posted: Wed Jul 06, 2022 6:18 pm
by answerhappygod
- 1 20 Points Suppose A Consumer Views Two Goods X And Y As Perfect Complements Her Utility Function Is Given By U 1 (15.9 KiB) Viewed 40 times
1. (20 points) Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [2X, Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X - 7 and Y= 8. Put the amount of Y on the vertical axis, and the amount of X on the horizontal axis. Which of the three assumptions that we made about consumer preferences is violated in this case? (71