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:

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to a negative balance of trade.

Infrastructure

Basic systems of communication, transportation, and energy facilities in a country.

Political Climate

The overall mood, attitudes, feelings, and conditions that currently exist within a political system or societal structure.

Communication

The act or process of using words, sounds, signs, or behaviors to express or exchange information or to express your ideas, thoughts, feelings, etc., to someone else.