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Sun 11 Jun, 2017 12:36 pm
I have a questions that says
"The utility function is U(x.y) = max{x,2y}...."
Would I solve for the indifference curve as if it read "U(x,y) = min{x,2y}"? If not, what is the difference between the two when solving?
I know that if I were looking for the minimum, then it would have an L shaped curve. Would the indifference curve be rotated 180 degrees for maximum?