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Summary
| Description |
English: For a minimum utility function, the indifference curves of the consumer lie on the 45 degree line and increase in utility to the right. They are L shaped as no matter what quantity of x and y the consumer has, their utility will always be the lower value of the two. To maximize their utility the consumer will consume at the point where their indifference curve intersects the budget line at the highest point. |
| Date | |
| Source | Own work |
| Author | Cromwellecon |
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
|---|---|---|---|---|---|
| current | 01:01, 25 April 2021 | | 740 × 656 (39 KB) | Cromwellecon | Uploaded own work with UploadWizard |
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