Wanda Lott's Utility Function Is U(x, Y) = Max{ 2x

question 18

Essay

Wanda Lott's utility function is U(x, y) = max{ 2x, y}. Draw some of Wanda's indifference curves. If the price of x is 1, the price of y is p, and her income is m, how much of y does Wanda demand?

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