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Suppose that Jack consumes only two commodities, pizzas ( p ) and burritos ( b ). Draw Jack's indifference curves for each of the utility functions...

Suppose that Jack consumes only two commodities, pizzas (p) and burritos (b). Draw Jack's indifference curves for each of the utility functions listed below. Plot pizzas on the horizontal axis and burritos on the vertical axis. Show the direction in which Jack's utility increases.

a,U(p,b)=2p+3b.

b,U(p,b)= pb.

c,U ( p, b) = min{2 p,3b} .

d,U(p,b)=2p−3b

Top Answer

Indifference curve is the curve showing locus of different combination of 2 goods providing same level of satisfaction.... View the full answer

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