1 answer

Please explain. Q7: The following figure shows the indifference curves and budget constraint of a consumer....

Question:

Please explain.

Q7: The following figure shows the indifference curves and budget constraint of a consumer. De- termine the commodity bundle

Q7: The following figure shows the indifference curves and budget constraint of a consumer. De- termine the commodity bundle that will maximize the consumer's satisfaction given his budget. Why is the bundle the optimal choice? Good 1 Budget Constraint 0 1 2 3 4 5 6 7 8 9 10 Good 2

Answers

Given a consumers budget constraint, his utility is maximized at the point where his indifference curve is tangent to the bu

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