Jim's Utility Function Is U(x, Y) = Xy

question 34

Essay

Jim's utility function is U(x, y) = xy. Jerry's utility function is U(x, y) = 1,000xy + 2,000. Tammy's utility function is U(x, y) = xy(1 - xy). Oral's utility function is . Marjoe's utility function is U(x, y) = x(y + 1,000). Pat's utility function is U(x, y) = 0.5xy - 10,000. Billy's utility function is U(x, y) = . Francis's utility function is U(x, y) = -xy.
a. Who has the same preferences as Jim?
b. Who has the same indifference curves as Jim?
c. Explain why the answers to (a) and (b) differ.

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Definitions:

Aggression

A variety of actions that may cause physical or psychological damage to the person performing them, other people, or items in their surroundings.

Confrontation

Confrontation is a direct engagement or conflict between individuals or groups over differing beliefs, opinions, or interests.

Projection

A defense mechanism where individuals attribute their own unacceptable thoughts, feelings, or motives to another person.

Identification

The process by which an individual aligns themselves with the values, beliefs, and practices of another person or group, often as a role model.