Explain this concept to a family member

Reference no: EM133366825

Suppose that you are choosing a bundle of "other" goods (X) and medical care (m). We said in class that at the bundle that maximizes your utility, the indifference curve is tangent to the budget line.
1. Illustrate this graphically.
2. If you had to explain this concept to a family member or friend who has never taken an economics course, how would you explain it (i.e., without using economics jargon)?

Reference no: EM133366825

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