Write an equation for tims indifference curve

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Reference no: EM13886517

Tim's utility function is U(X,Y)=(X+2)(Y+1).

a) Write an equation for Tim's indifference curve that goes through the point(X,Y)=(2,8).

b) Suppose that the price of each good is one and that Tim has an income of 11. Write an equation that describes his budget constraint.

c) Find an euqation that describes Tim's MRS for any given commodity bundle(X,Y).

d) Use the equations in part(b)and (C) to solve for Tim's optimal bundle.

Reference no: EM13886517

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