SlideShare a Scribd company logo
1 of 1
Download to read offline
I ONLY NEED THE ANSWER TO QUESTION C. THANK YOU Problem 1. Mark has the
utility function u(x1,x2)=min(x1),2x2} a) On the graph below, draw in the indifference curve
along which Harry's utility is 6 . Label it i.c.1. 612xx<2x b) Draw the budget line for Mark if the
prices are p1=3 and p2=2, and income is m=24. Label it b.c. 1. How many units of goods 1 and 2
should he consume to maximize his utility subject to this budget? 60f21 c) His income increases
from 24 to 36 . How many units of goods 1 and 2 should he consume to maximize his utility
subject to this budget? Draw Harry's income offer curve (income consumption curve, ICC) as his
income increases continuously from 24 to 36 . Label it ICC. 3x+2y=36

More Related Content

More from allurafashions98

Data table Requirements 1. Compute the product cost per meal produced.pdf
 Data table Requirements 1. Compute the product cost per meal produced.pdf Data table Requirements 1. Compute the product cost per meal produced.pdf
Data table Requirements 1. Compute the product cost per meal produced.pdf
allurafashions98
ย 
Danny Anderson admired his wifes success at selling scarves at local.pdf
 Danny Anderson admired his wifes success at selling scarves at local.pdf Danny Anderson admired his wifes success at selling scarves at local.pdf
Danny Anderson admired his wifes success at selling scarves at local.pdf
allurafashions98
ย 
Daring the financial crisis an the end of the firs decade of the 2000.pdf
 Daring the financial crisis an the end of the firs decade of the 2000.pdf Daring the financial crisis an the end of the firs decade of the 2000.pdf
Daring the financial crisis an the end of the firs decade of the 2000.pdf
allurafashions98
ย 
I need help finishing this code in JavaYou will need to create t.pdf
I need help finishing this code in JavaYou will need to create t.pdfI need help finishing this code in JavaYou will need to create t.pdf
I need help finishing this code in JavaYou will need to create t.pdf
allurafashions98
ย 
I need help with conducting a 9-cell industry attractiveness and bus.pdf
I need help with conducting a 9-cell industry attractiveness and bus.pdfI need help with conducting a 9-cell industry attractiveness and bus.pdf
I need help with conducting a 9-cell industry attractiveness and bus.pdf
allurafashions98
ย 
I need help getting my mips program completed this are the full inst.pdf
I need help getting my mips program completed this are the full inst.pdfI need help getting my mips program completed this are the full inst.pdf
I need help getting my mips program completed this are the full inst.pdf
allurafashions98
ย 
I need help with question 6-8. Part II Blackbody Curves Different c.pdf
I need help with question 6-8. Part II Blackbody Curves Different c.pdfI need help with question 6-8. Part II Blackbody Curves Different c.pdf
I need help with question 6-8. Part II Blackbody Curves Different c.pdf
allurafashions98
ย 

More from allurafashions98 (20)

Davenport Incorporated has two divisions, Howard and Jones. The f.pdf
 Davenport Incorporated has two divisions, Howard and Jones. The f.pdf Davenport Incorporated has two divisions, Howard and Jones. The f.pdf
Davenport Incorporated has two divisions, Howard and Jones. The f.pdf
ย 
Data tableRequirements 1. Prepare the income statement for the mon.pdf
 Data tableRequirements 1. Prepare the income statement for the mon.pdf Data tableRequirements 1. Prepare the income statement for the mon.pdf
Data tableRequirements 1. Prepare the income statement for the mon.pdf
ย 
Current Attempt in Progress Items from Oriole Companys budget for Ma.pdf
 Current Attempt in Progress Items from Oriole Companys budget for Ma.pdf Current Attempt in Progress Items from Oriole Companys budget for Ma.pdf
Current Attempt in Progress Items from Oriole Companys budget for Ma.pdf
ย 
Data tableAfter researching the competitors of EJH Enterprises, yo.pdf
 Data tableAfter researching the competitors of EJH Enterprises, yo.pdf Data tableAfter researching the competitors of EJH Enterprises, yo.pdf
Data tableAfter researching the competitors of EJH Enterprises, yo.pdf
ย 
Current Attempt in Progress If a qualitative variable has c categ.pdf
 Current Attempt in Progress If a qualitative variable has  c  categ.pdf Current Attempt in Progress If a qualitative variable has  c  categ.pdf
Current Attempt in Progress If a qualitative variable has c categ.pdf
ย 
Data tableData tableThe figures to the right show the BOMs for .pdf
 Data tableData tableThe figures to the right show the BOMs for .pdf Data tableData tableThe figures to the right show the BOMs for .pdf
Data tableData tableThe figures to the right show the BOMs for .pdf
ย 
Data table Requirements 1. Compute the product cost per meal produced.pdf
 Data table Requirements 1. Compute the product cost per meal produced.pdf Data table Requirements 1. Compute the product cost per meal produced.pdf
Data table Requirements 1. Compute the product cost per meal produced.pdf
ย 
Darla, Ellen, and Frank have capital balances of $30,000,$40,000 and .pdf
 Darla, Ellen, and Frank have capital balances of $30,000,$40,000 and .pdf Darla, Ellen, and Frank have capital balances of $30,000,$40,000 and .pdf
Darla, Ellen, and Frank have capital balances of $30,000,$40,000 and .pdf
ย 
Daniel, age 38 , is single and has the following income and exnencac .pdf
 Daniel, age 38 , is single and has the following income and exnencac .pdf Daniel, age 38 , is single and has the following income and exnencac .pdf
Daniel, age 38 , is single and has the following income and exnencac .pdf
ย 
Danny Anderson admired his wifes success at selling scarves at local.pdf
 Danny Anderson admired his wifes success at selling scarves at local.pdf Danny Anderson admired his wifes success at selling scarves at local.pdf
Danny Anderson admired his wifes success at selling scarves at local.pdf
ย 
CX Enterprises has the following expected dividends $1.05 in one yea.pdf
 CX Enterprises has the following expected dividends $1.05 in one yea.pdf CX Enterprises has the following expected dividends $1.05 in one yea.pdf
CX Enterprises has the following expected dividends $1.05 in one yea.pdf
ย 
Daring the financial crisis an the end of the firs decade of the 2000.pdf
 Daring the financial crisis an the end of the firs decade of the 2000.pdf Daring the financial crisis an the end of the firs decade of the 2000.pdf
Daring the financial crisis an the end of the firs decade of the 2000.pdf
ย 
I need help finishing this code in JavaYou will need to create t.pdf
I need help finishing this code in JavaYou will need to create t.pdfI need help finishing this code in JavaYou will need to create t.pdf
I need help finishing this code in JavaYou will need to create t.pdf
ย 
I need help on figuring out how to chop up my controller for MVC int.pdf
I need help on figuring out how to chop up my controller for MVC int.pdfI need help on figuring out how to chop up my controller for MVC int.pdf
I need help on figuring out how to chop up my controller for MVC int.pdf
ย 
I need help creating these methods for a java DoublyLinkedListE cl.pdf
I need help creating these methods for a java DoublyLinkedListE cl.pdfI need help creating these methods for a java DoublyLinkedListE cl.pdf
I need help creating these methods for a java DoublyLinkedListE cl.pdf
ย 
I need help with conducting a 9-cell industry attractiveness and bus.pdf
I need help with conducting a 9-cell industry attractiveness and bus.pdfI need help with conducting a 9-cell industry attractiveness and bus.pdf
I need help with conducting a 9-cell industry attractiveness and bus.pdf
ย 
I need help getting my mips program completed this are the full inst.pdf
I need help getting my mips program completed this are the full inst.pdfI need help getting my mips program completed this are the full inst.pdf
I need help getting my mips program completed this are the full inst.pdf
ย 
I need help understanding what strong or weak entities are, what is .pdf
I need help understanding what strong or weak entities are, what is .pdfI need help understanding what strong or weak entities are, what is .pdf
I need help understanding what strong or weak entities are, what is .pdf
ย 
I need help with question 6-8. Part II Blackbody Curves Different c.pdf
I need help with question 6-8. Part II Blackbody Curves Different c.pdfI need help with question 6-8. Part II Blackbody Curves Different c.pdf
I need help with question 6-8. Part II Blackbody Curves Different c.pdf
ย 
I need help with question 10-12. E 2013 Pearson Educabon, hn Conside.pdf
I need help with question 10-12. E 2013 Pearson Educabon, hn Conside.pdfI need help with question 10-12. E 2013 Pearson Educabon, hn Conside.pdf
I need help with question 10-12. E 2013 Pearson Educabon, hn Conside.pdf
ย 

Recently uploaded

Spellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please PractiseSpellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please Practise
AnaAcapella
ย 
Salient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functionsSalient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functions
KarakKing
ย 

Recently uploaded (20)

How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17
ย 
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdfUGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
ย 
SKILL OF INTRODUCING THE LESSON MICRO SKILLS.pptx
SKILL OF INTRODUCING THE LESSON MICRO SKILLS.pptxSKILL OF INTRODUCING THE LESSON MICRO SKILLS.pptx
SKILL OF INTRODUCING THE LESSON MICRO SKILLS.pptx
ย 
Key note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdfKey note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdf
ย 
REMIFENTANIL: An Ultra short acting opioid.pptx
REMIFENTANIL: An Ultra short acting opioid.pptxREMIFENTANIL: An Ultra short acting opioid.pptx
REMIFENTANIL: An Ultra short acting opioid.pptx
ย 
How to setup Pycharm environment for Odoo 17.pptx
How to setup Pycharm environment for Odoo 17.pptxHow to setup Pycharm environment for Odoo 17.pptx
How to setup Pycharm environment for Odoo 17.pptx
ย 
Accessible Digital Futures project (20/03/2024)
Accessible Digital Futures project (20/03/2024)Accessible Digital Futures project (20/03/2024)
Accessible Digital Futures project (20/03/2024)
ย 
Understanding Accommodations and Modifications
Understanding  Accommodations and ModificationsUnderstanding  Accommodations and Modifications
Understanding Accommodations and Modifications
ย 
Spellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please PractiseSpellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please Practise
ย 
Making communications land - Are they received and understood as intended? we...
Making communications land - Are they received and understood as intended? we...Making communications land - Are they received and understood as intended? we...
Making communications land - Are they received and understood as intended? we...
ย 
Google Gemini An AI Revolution in Education.pptx
Google Gemini An AI Revolution in Education.pptxGoogle Gemini An AI Revolution in Education.pptx
Google Gemini An AI Revolution in Education.pptx
ย 
This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.
ย 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
ย 
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
ย 
Salient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functionsSalient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functions
ย 
Basic Civil Engineering first year Notes- Chapter 4 Building.pptx
Basic Civil Engineering first year Notes- Chapter 4 Building.pptxBasic Civil Engineering first year Notes- Chapter 4 Building.pptx
Basic Civil Engineering first year Notes- Chapter 4 Building.pptx
ย 
ICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptxICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptx
ย 
SOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning PresentationSOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning Presentation
ย 
FSB Advising Checklist - Orientation 2024
FSB Advising Checklist - Orientation 2024FSB Advising Checklist - Orientation 2024
FSB Advising Checklist - Orientation 2024
ย 
Spatium Project Simulation student brief
Spatium Project Simulation student briefSpatium Project Simulation student brief
Spatium Project Simulation student brief
ย 

I ONLY NEED THE ANSWER TO QUESTION C. THANK YOU Problem 1. Mark has .pdf

  • 1. I ONLY NEED THE ANSWER TO QUESTION C. THANK YOU Problem 1. Mark has the utility function u(x1,x2)=min(x1),2x2} a) On the graph below, draw in the indifference curve along which Harry's utility is 6 . Label it i.c.1. 612xx<2x b) Draw the budget line for Mark if the prices are p1=3 and p2=2, and income is m=24. Label it b.c. 1. How many units of goods 1 and 2 should he consume to maximize his utility subject to this budget? 60f21 c) His income increases from 24 to 36 . How many units of goods 1 and 2 should he consume to maximize his utility subject to this budget? Draw Harry's income offer curve (income consumption curve, ICC) as his income increases continuously from 24 to 36 . Label it ICC. 3x+2y=36