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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 = 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.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948428

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