Suppose Mark has the following utility function: U(x, y) = 2 min{2x, 5y}. a. What is the utility of bundle (5,2)? What is the utility of bundle (5,4)? b. Draw the indifference curve that passes through the bundle (5,4).
Suppose Mark has the following utility function: U(x, y) = 2 min{2x, 5y}. a. What is the utility of bundle (5,2)? What is the utility of bundle (5,4)? b. Draw the indifference curve that passes through the bundle (5,4).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose Mark has the following utility
function: U(x, y) = 2 min{2x, 5y}. a. What is the
utility of bundle (5,2)? What is the utility of
bundle (5,4)? b. Draw the indifference curve
that passes through the bundle (5,4).
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a842814-d1f6-4d15-b29e-f4d55cc5082f%2F90824782-7750-4e7c-8bf9-2d8ac6870928%2F7l8d3g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose Mark has the following utility
function: U(x, y) = 2 min{2x, 5y}. a. What is the
utility of bundle (5,2)? What is the utility of
bundle (5,4)? b. Draw the indifference curve
that passes through the bundle (5,4).
%3D
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