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Reference no: EM13378650

U(x1,x2)=min(3x1 6x2)
I=P1X1+P2X2
P1= 4,
P2= 5,

I = 20

a) Write the function for the indifference curve and graph it when U=10 and U = 20.

b) Write the function for the budget constraint and graph it.

c) What are the utility maximizing amounts of X1 and x2 given the budget constraint?

d) Would your answer change if U(x1 x2) = min(x1 2x2)? Why or why not?

Reference no: EM13378650

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