Suppose a consumer views two goods x and y as perfect


Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [2X, Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 7 and Y = 8. Put the amount of Y on the vertical axis, and the amount of X on the horizontal axis. Which of the three assumptions that we made about consumer preferences is violated in this case?

Solution Preview :

Prepared by a verified Expert
Microeconomics: Suppose a consumer views two goods x and y as perfect
Reference No:- TGS02859750

Now Priced at $10 (50% Discount)

Recommended (98%)

Rated (4.3/5)