Draw the indifference curve diagrams for the utility functions listed below. Plot x on the horizontal axis and y on the vertical axis. On each diagram, draw at least two indifference curves and show with an arrow in which direction utility is increasing. a. u =x-2y b. u = min(4x, 4y) c. u = xy d. u = x^2 + y^2
Draw the indifference curve diagrams for the utility functions listed below. Plot x on the horizontal axis and y on the vertical axis. On each diagram, draw at least two indifference curves and show with an arrow in which direction utility is increasing. a. u =x-2y b. u = min(4x, 4y) c. u = xy d. u = x^2 + y^2
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Draw the indifference curve diagrams for the utility functions listed below. Plot x on the horizontal axis and y on the vertical axis. On each diagram, draw at least two indifference curves and show with an arrow in which direction utility is increasing.
a. u =x-2y
b. u = min(4x, 4y)
c. u = xy
d. u = x^2 + y^2
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