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

question 14

Essay

Jim's utility function is U(x, y)= xy.Jerry's utility function is U(x, y)= 1,000xy + 0 2,000.Tammy's utility function is U(x, y)= xy(1 - xy).Oral's utility function is U(x, y)=-1/(10 + 2xy).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)= 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:

Mortgagor

An individual or entity who borrows money to purchase property and pledges that property as collateral for the loan.

Oral Agreement

A verbal contract between parties that is legally binding, although harder to prove than a written agreement.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be legally enforceable.

Sale of Land

A legal transaction involving the transfer of ownership of land from one party to another in exchange for a price paid or to be paid.