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2. INDIFFERENCE MAPS Sheldo19 For each scenario, GRAPH two indifference curves U1 and U2 (U1 < U2) to represent the following consumers' preferences for goods X and Y. a. Andy insists on consuming exactly two units of X for each unit of Y. Y 2 un its X 2. DIZza b. Billy always gets twice as much satisfaction from an extra unit of Y as he gets from an extra unit of X. Y MRS=½

2. INDIFFERENCE MAPS Sheldo19 For each scenario, GRAPH two indifference curves U1 and U2 (U1 < U2) to represent the following consumers' preferences for goods X and Y. a. Andy insists on consuming exactly two units of X for each unit of Y. Y 2 un its X 2. DIZza b. Billy always gets twice as much satisfaction from an extra unit of Y as he gets from an extra unit of X. Y MRS=½

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I am unsure the direction the utility functions would go in , with this specific scenario
2. INDIFFERENCE MAPSeldo19 For each scenario, GRAPH two indifference curves U1 and U2 (U1 < U2) to represent the following consumers' preferences for goods X and Y. a. Andy insists on consuming exactly two units of X for each unit of Y. 2 un its X for lY DIZza b. Billy always gets twice as much satisfaction from an extra unit of Y as he gets from an extra unit of X. Y MRS=2
Transcribed Image Text:2. INDIFFERENCE MAPSeldo19 For each scenario, GRAPH two indifference curves U1 and U2 (U1 < U2) to represent the following consumers' preferences for goods X and Y. a. Andy insists on consuming exactly two units of X for each unit of Y. 2 un its X for lY DIZza b. Billy always gets twice as much satisfaction from an extra unit of Y as he gets from an extra unit of X. Y MRS=2
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