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Suppose a consumer's preferences are represented by the utility function U = MIN(2X,Y). The price of Y is PY = 1, and the consumer has income, M =...

1. Suppose a consumer’s preferences are represented by the utility function U = MIN(2X,Y). The price of Y is PY = 1, and the consumer has income, M = 60.

a) Graph the consumer’s Price consumption curve for prices, PX = 1, PX = 2, and PX = 3. Be sure to label your graph carefully and accurately.
b) Graph the consumer’s demand curve for X. Be sure to label your graph carefully and accurately.
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Economics - 8365842.doc

1. Suppose a consumer’s preferences are represented by the utility function U =
MIN(2X,Y). The price of Y is PY = 1, and the consumer has income, M = 60.
a) Graph the consumer’s Price...

Sign up to view the full answer

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