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3. Draw at least two indifference curves for each given preferences/utility functions. Put good 1 on x-axis, and good 2 on y-axis. Draw the direction
3. Draw at least two indifference curves for each given preferences/utility functions. Put good 1 on x-axis, and good 2 on y-axis. Draw the direction of ICs. (1) I like to spend time on video games (good 2) yet hate spending time on homework (good 1). (You don't need to be specific. Just show the shape and direction of IC is enough.) (11) u(xy,x,) = min{2x,,6x,}. This is called Leontief utility function. (iii) u(xy,x,) = x; + Vx,. This is called quasi-linear utility function. (Actually, the demand for good 2 only depends on the prices regardless of income. )
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