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Simone Portnoy
on Oct 14, 2024

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Tim has preferences represented by the utility function U(x, y)  min6x  y, x  2y.If x is on the horizontal axis and y is on the vertical axis, what is the slope of his indifference curve at the point (8,9) ?

A) 6
B) 2/6
C) 1/2
D) 1/6
E) 8/9

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the satisfaction or utility those goods provide.

Indifference Curve

A graphical representation of different bundles of goods between which a consumer is indifferent, showing the combinations of two goods that give the consumer the same level of satisfaction.

Horizontal Axis

In a graph or chart, the horizontal axis is typically used to represent the independent variable or the base measurement.

  • Learn about the concept of indifference curves and their distinct qualities.
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Sterling DearyOct 16, 2024
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