question archive Suppose a consumer views two goods, X and Y, as perfect complements
Suppose a consumer views two goods, X and Y, as perfect complements
Subject:EconomicsPrice: Bought3
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 = 5 and Y = 4. 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?
