1.1. Which of the following utility functions are consistent with convex indifference curves and which are not?...
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1.1. Which of the following utility functions are consistent with convex indifference curves and which are not?
a. U(X, Y) = 2X + 5Y
b. U(X, Y) = (XY).5
c. U(X, Y) = Min (X, Y), where Min is the minimum of the two values of X and Y.
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