Consumer has the utility function-quantities of two goods

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Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two goods, X and Y. The consumer has I=$60 to spend on the two goods, and good Y costs py=$2 per unit. The price of good x, px, is also exogenous.

With good X on the horizontal axis and good Y on the vertical axis, draw the indifference curve for utility level U=6. Show the exact coordinates of at least two points on the curve. On the same diagram similarly draw the indifference curves for the utility levels U=18 and U=30.

Reference no: EM13887811

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