Question: Preferences Practice Problem - NEED HELP PLEASE Preferences The utility function is u (x1, X2) = min {2x1, *2} + min{x1/4, 202} (1) where x1

Preferences Practice Problem - NEED HELP PLEASE

Preferences The utility function is u (x1, X2) = min {2x1, *2} + min{x1/4, 202} (1) where x1 2 0 and 2 2 0 are the levels of consumption of good 1 and good 2, respec- tively. Sketch the indifference curve for utility level k = 9. Show all derivations and clearly label your graph (i.e., kinks and slopes). 20 19 18 17 16 15 14 13 12 11 10 -NWAOOVOO CO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

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