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Draw the indifference curves for the utility function U(x1, x2) = x1 + 3x2

Economics

Draw the indifference curves for the utility function U(x1, x2) = x1 + 3x2. 2.2 What is the marginal rate of substitution evaluated at an arbitrary consumption bundle (x1, x2)? 2.3 Suppose that p1 = 5, P2 = 2, and m = 10. Find the utility-maximizing consump- tion bundle (among those that satisfy the budge constraint) for this agent. You should be able to do this without using any calculus: it should be clear from your indifference curves. 2.4 Given any pair of prices P1, P2 and income m, what is (are) the utility-maximizing consumption bundle(s)? (Assume that p? > 0, p2 > 0, m > 0.) Consider the following three cases separately: 21 > P2/3, P1

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