ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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2. Consider a consumer whose preferences are represented by u(x₁, x₂) /x₂ + x1, and who has budget constraint = m≥ p₁x1 + P2x2. (a) Compute the equation of an indifference curve corresponding to util- ity level u. (b) Draw some indifference curves. (c) How are the indifference curves related to one another? (d) Compute the consumer's optimal bundle as a function of prices and income. (Hint: don't forget about boundary bundles.) (e) Plot how the demand for good 2 changes with income. Put m on the y-axis and x2 on the x-axis.
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Transcribed Image Text:2. Consider a consumer whose preferences are represented by u(x₁, x₂) /x₂ + x1, and who has budget constraint = m≥ p₁x1 + P2x2. (a) Compute the equation of an indifference curve corresponding to util- ity level u. (b) Draw some indifference curves. (c) How are the indifference curves related to one another? (d) Compute the consumer's optimal bundle as a function of prices and income. (Hint: don't forget about boundary bundles.) (e) Plot how the demand for good 2 changes with income. Put m on the y-axis and x2 on the x-axis.
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Step 1: Define an utility function
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Step 2: Compute the equation of an indifference curve corresponding to utility level u
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Step 3: Draw some indifference curves
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Step 4: Explain how are the indifference curves related to one another?
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