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1. Use the following two-good utility functions to answer parts a) through d]. (1) Wm) = 3x + y (2) HOW) = x237 (3) U

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1. Use the following two-good utility functions to answer parts a) through d]. (1) Wm) = 3x + y (2) HOW) = x237 (3) U (x. y) = Na? (4) U (x. y) = min ix. 3/} a) Graph indifference curves for U0 = 3 and U0 = 6 for each of the above utility functions. Label each indifference curve with the utility it provides. To avoid confusion, draw a new ay-plane for each utility function. h) Starting at (x = 1, y = 1), nd the marginal utility of good 2: for each of the above utility functions. c) Find the marginal rate of substitution of utility function (1]. d) Which utility functions from [1] to (4] show a preference for variety

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