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Dusty derives utility from 3 goods: music (M), wine (W), and cheese (C). His utility function is given by: u(M,W,C) = M + 2W + C.
a. Assuming Dusty’s consumption of music is fixed at 10, sketch the indifference curves between W and C for u = 40, and then again for u = 70.
b. Show that Dusty’s MRS of wine for cheese is constant for all values of W and C on the indifference curves calculated in part (a).
c. Suppose that Dusty’s consumption of music increases to 20. How would this change your answer to parts (a) and (b)?
Which of the following conditions are necessary for the existence of a Nash equilibrium?
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