Use Separate Graphs to Draw Indifference Curves for Each of the Following

question 10

Essay

Use separate graphs to draw indifference curves for each of the following utility functions:
a. U(x, y) = min{2x + y,2y + x}.
b. U(x, y) = max{2x + y,2y + x}.
c. U(x, y) = x + min{x, y}.
In which of these cases are preferences convex?

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Definitions:

Pen

A common writing instrument used for applying ink to a surface, typically paper, for writing or drawing.

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The fundamental language of computers, consisting of just two numbers, 0 and 1, to represent all types of data and instructions.

0s And 1s

Represents the binary number system fundamental to computing, using only two digits: 0 and 1.

Computers

Electronic devices that can be programmed to carry out sequences of arithmetic or logical operations automatically.