Suppose an indifference curve is given by the equation U=2*C*T. Assume that init

Question

Suppose an indifference curve is given by the equation U=2*C*T. Assume that initially the consumer owns the bundle C = 25, T = 2. What is the Utility value along this indifference curve? Show your calculations! Other than point, (C, T) = (25, 2), list 3 other points on this indifference curve. Graph the indifference curve including the point (C, T) = (25, 2) and the 3 points you listed in part b. Place T on the vertical axis and C on the horizontal axis. Make sure to label the axes, the indifference curve, and the 4 points on the indifference curve.What is the slope of this indifference curve between C=24 and C=25? Show your calculations!

Explanation / Answer

Suppose an indifference curve is given by the equation U=2*C*T. Assume that initially the consumer owns the bundle C = 25, T = 2. What is the Utility value along this indifference curve? Show your calculations! Other than point, (C, T) = (25, 2), list 3 other points on this indifference curve. Graph the indifference curve including the point (C, T) = (25, 2) and the 3 points you listed in part b. Place T on the vertical axis and C on the horizontal axis. Make sure to label the axes, the indifference curve, and the 4 points on the indifference curve.What is the slope of this indifference curve between C=24 and C=25

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