dgayles1785 dgayles1785
  • 19-03-2024
  • Social Studies
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Assume that the utility function of a consumer is given by ( U(x₁, x₂) = minx₂ + 2x₁, x₁ + 2x₂ ).
a) Draw an indifference curve where the utility is equal to 12.
b) What is the condition for utility maximization in this case?
a) Indifference curve cannot be drawn
b) ( x₁ = x₂ )
c) ( x₁ = 2x₂ )
d) ( x₂ = 2x₁ )

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