Answer to Question #257929 in Microeconomics for seileza

Question

Given that utility function for a consumer is given by u = (x-3)2 + (y-4)2, draw any two

indifference curves for this consumer while clearly labelling the higher one as ‘H’ and lower

one as ‘L’. Does he prefer more of a good to less of it? Does he prefer averages to extreme

bundles? Explain.

Answer 1

Dear seileza, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order