Which mathematical object will the income-offer curve be in this case?

What is the optimality condition (first step) in solving the expenditure minimization problem?: mini Show more What is the optimality condition (first step) in solving the expenditure minimization problem?: minimize x + (1/3)y = M such that U (xy) = x^2 y a) (y/2x) = (1/3) b) (y/2x) = 3 c) (2y/x) = (1/3) d) (2y/x) = 3 2- Imagine that in the (xy) plane you have graphed indifference curves budgets and the utility maximizing bundles for a perfect complements utility function and 3 different income levels. You want to add the income-offer curve to this graph. Which mathematical object will the income-offer curve be in this case? a) MRS = price ratio line b) no-waste line c) y-axis d) x-axis 3- You want to graph the Engel curve for good Y. The variable on the horizontal axis of this graph will be _________ and the variable on the vertical axis will be __________. Show less

QUICK QUOTE

Approximately 250 words