Tim Has Preferences Represented by the Utility Function U(x, Y)

question 31

Multiple Choice

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

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Definitions:

Money Income

The total amount of monetary earnings or revenue received by an individual or a household over a specified period.

Budget Line

A graphical representation showing all possible combinations of goods that can be purchased with a given budget.

Budget Line

It represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.