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Econ 302 McLeod Homework #2 Due in class Wednesday, February 6th. Name ______________________________________________________ ID #...

This question was answered on Feb 05, 2013. View the Answer
Finish the word file. Econ question. I need full process in every question.
Econ 302 Homework #2 McLeod Due in class Wednesday, February 6th. Name ______________________________________________________ ID # ________________________________________________________ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the sheet. There are 50 possible points on this homework assignment. You may work together, but you MUST WRITE UP YOUR OWN WORK and TURN IT IN, IN PERSON, AT THE BEGINNING OF CLASS on Wednesday, February 6th. Late homework will not be accepted. PLEASE STAPLE YOUR HOMEWORK!!
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1. (18 total points) Suppose a consumer’s preferences are represented by the utility function U = MIN(X,2Y). The price of Y is P Y = $2, and the consumer has income, M = $24. a) (14 points) Graph the consumer’s Price consumption curve for prices, P X = $1, P X =$ 2, and P X = $3. Be sure to label your graph carefully and accurately. b) (4 points) Graph the consumer’s demand curve for X. Be sure to label your graph carefully and accurately.
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Econ 302 Homework #2 McLeod Due in class Wednesday, February 6th.
Name ______________________________________________________
ID # ________________________________________________________...

This question was asked on Jan 30, 2013 and answered on Feb 05, 2013.

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