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Draw an indifference map for utility function

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Suppose Mary consumes jam sandwiches. Each sandwich contains 2 slices of bread and 3 teaspoons of jam. So the only two goods Mary buys are bread (x,) and jam (x;).

a) Write down her utility function.

b) Draw an indifference map for this utility function. Make sure to clearly label any important features of this map.

c) Suppose the consumer has a budget / and faces prices pb (for bread) and p; (for jam). Find the optimal consumption bundle (x*, x*).

Reference no: EM133129955

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