The function 
has a local minimum at (1, 2.5) . Which of the following is a sketch of the level curves of f near this point?
Definitions:
Quantity Demanded
The total amount of a good or service that consumers are willing to buy at a given price level in a given period.
World Price
The global market price of a commodity, determined by worldwide supply and demand.
Quantity Supplied
How much of a certain good or service suppliers are ready and able to make available for purchase at a specific price point.
Quantity Demanded
Represents the total amount of a good or service that consumers are willing and able to purchase at a specific price level within a given time frame.
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