3. X1 and X2 are perfect complements and these 2 goods must be consumed at...
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3. X1 and X2 are perfect complements and these 2 goods must be consumed at the scale of X2= 5X1 (if he buys 1X1, he must buy 5X2 ) where X1 is located on the x-axis. Plot the indifferent map to show. 4. Following 3, consumption sets (X1,X2) including (5;1),(10;10), and (15;4) have passed through the indifference curves and located on the horizontal section of the curves. Show them in the diagram. 5. Following 4, if the utility function U(X1,X2)=min(5X1,X2), show the utility value of the 3 sets as stated in Q4. 6. Following 5 , if the new utility is U(X1,X2)=min(X1,1/5X2), re-calculate the utility level of
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