Mathematics, 25.06.2019 10:40 21stcenturycyber
Which of the following utility functions are consistent with convex indifference curves and which are not? (i) u(x, y)equals=22xplus+44y (ii) u(x, y)equals=left parenthesis xy right parenthesis superscript 0.5(xy)0.5 (iii) u(x, y)equals=min(33x,44y), where min is the minimum of the two values 33x and 44y. 1.) using the line drawing tool, draw an indifference curve for the first utility function, u(x, y)equals=22xplus+44y, and a utility of 20. label this line upper u 20u20. 2.) using the three-point curved line drawing tool, draw an indifference curve for the second utility function, u(x, y)equals=left parenthesis xy right parenthesis superscript 0.5(xy)0.5, and a utility of 10. label this curve upper u 10u10. 3.) using the multipoint curve drawing tool. draw an indifference curve for utility function, u(x, y)equals=min(33x,44y), and a utility of 24. label this curve u24. carefully follow the instructions above, and only draw the required objects. given these indifference curves, indifference curves that correspond to utility u(x, y)equals=22xplus+44y are â–¼ ; indifference curves that correspond to utility u(x, y)equals=left parenthesis xy right parenthesis superscript 0.5(xy)0.5 are â–¼ not convex convex ; and indifference curves that correspond to utility u(x, y)equals=min(33x,44y) are
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Which of the following utility functions are consistent with convex indifference curves and which ar...
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