1 la] Suppose an individual has preferences given by the utility function u=4x1f2y2. What is this individual's MRS? What does this imply about the trades the individual is willing to make? Are the preferences homothetic? Draw an indifference curve for these preferences. How do you know the shape? lb] Suppose an individual has preferences given by the utility function u=2x+y1f2. What is this individual's MRS? What does this imply about the trades the individual is willing to make? Are the preferences convex? Draw an indifference curve for these preferences. How do you know the shape