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Economics Two Problems Assignment

Author:
June 7th, 2024

[5 points] Tim has preferences represented by the utility function U(x, y) = min[6x+y, x+2y)]. If x ison the horizontal axis and y is on the vertical axis, what is the slope of his indifference curve at thepoint (8, 9)? Show your work. [5 points] Max has a utility function U(x, y) = 2xy +1. The prices of x and y are both $1 and Max hasan income of $20.a.How much of each good will he demand? b. A tax is placed on x so that x now costs Max $2 while his income and the price of y stay thesame. Illustrate this change in a different color on the graph. How much of good x does henow demand? c. Would Max be as well off as he was before the tax if when the tax was imposed, his incomerose by an amount equal to $1 times the answer to part (b)? Explain why or why not.

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