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Microsoft Word - Problem Set 2 Questions

1.Sam is interested in buying two types of goods, x and y. He can either use all his income to buy 3 units of x and 9 units of y, or 9 units of x and 3 units of y. If he spends all his income on x, how many units can he buy?

Microsoft Word - Problem Set 2 Questions

2.Sketch one indifference curve that has the following form: U(x, y) = 3min (x,y) + y.

3. True, false, or uncertain; explain your answer. If you know the slope of the budget constraint for two goods, you know the prices of the two goods.

Please explain and answer

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