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1. Consider a consumer with preferences given by u(x, y) = ax2 + by, where x, y E R facing the budget constraint Pex +

1. Consider a consumer with preferences given by u(x, y) = ax2 + by, where x, y E R facing the budget constraint Pex + Pyy 0. (a) (2 points) Are preferences monotonic and convex? Explain

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