Find individual demand functions

timer Asked: Oct 17th, 2015

Question description

The individual's utility function representing preference is given by u(x1,x2)=min{x1,x2}. 

Is the consumer's preference relation monotonic? 

Write down the UMP, and solve this UMP. 

Find individual demand functions for both goods. 

Are good1 and good2 substitutes or complements to each other?

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