Question 2 a) A consumer has utility function U(, ) = min{+4, +42). 1. Draw the...

 

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Question 2 a) A consumer has utility function U(, ) = min{+4, +42). 1. Draw the indifference curve for U(,)=20 and shade the area where U(.2) 2 20. 2. For what value of p/P2 will the unique optimum feature z = 0. 3. For what value of pi/p2 will the unique optimum feature = 0. 4. If neither nor 22 is equal to zero, and the optimum is unique, what must be the value of x/? Question 2 a) A consumer has utility function U(, ) = min{+4, +42). 1. Draw the indifference curve for U(,)=20 and shade the area where U(.2) 2 20. 2. For what value of p/P2 will the unique optimum feature z = 0. 3. For what value of pi/p2 will the unique optimum feature = 0. 4. If neither nor 22 is equal to zero, and the optimum is unique, what must be the value of x/?