Essay
Murphy's utility function is U(x, y)= min{4x + y, 2x + 2y, x + 4y}.Murphy is consuming 12 units of x and 6 units of y.
a.Draw the indifference curve through this point.At what points does this indifference curve have kinks?
b.The price of good x is $1.What is the highest possible price for y? What is the lowest possible price for y?
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