0604 mary's utility depends only on her consumption of X and Y. she has utility function U(x,y)=3x+2y, where x and y are the quantities of X and Y;a)assign suitable names to products X and Y be reasonable.;b)what is the slope of mary's indifference curve;c)assuming that the price of good X is 2(px=2)and price of good Y is 1(Py=1) what is the slope of mary's budget line.;d)sketch a diagram to illustrate Many's optimal consumption bundle assuming that she has an income of $24(m=24)Put X on the horizontal axis and Y on the vertical axis.;e)if both goods are priced at $1(Px=Py=1)how much of each good will mary buy?
Paper#28654 | Written in 18-Jul-2015Price : $22