Suppose an indifference curve is given by the equation U= (1/2)*C*T. Assume that initially the consumer owns the bundle C = 20, T = 2.
Reminder: In order to get full credit:
a. What is the Utility value along this indifference curve?
b. Other than point, (C, T) = (20, 2), list 3 other points on this indifference curve.
c. Graph the indifference curve including the point (C, T) = (20, 2) and the 3 points you listed in part b. Place T on the vertical axis and C on the horizontal axis. Make sure to label the axes, the indifference curve, and the 4 points on the indifference curve.
d. What is the slope of this indifference curve between C=19 and C=20?