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1. What is a utility function? 2. What are the indifference curves? 3. Plot a family of indifference curves for U (x, y) = x+y

1. What is a utility function? 2. What are the indifference curves? 3. Plot a family of indifference curves for U (x, y) = x+y 4. Do indifference curves depend on the budget constraint? 5. Can indifference curves intersect? Explain

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