(a) If your utility is represented by u(x; y) = min(x+2y; 2x+y);what do your indi¤erence curves...

(a) If your utility is represented by u(x; y) = min(x+2y; 2x+y);what do your indi¤erence curves look like?

(b) Given your answer in (a), obtain the MRS (marginal rates of sub- stitution).

(d) If px decreases to $1; what would you choose? (e) Use the Slutsky decomposition to decompose the total price e¤ect into the substitution e¤ect and income e¤ect when px decreases from $3 to $1:

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Rahul Sunny answered 2 weeks ago

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y"-2y'+2y = x^2+e^2x

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