All the following statements are false, in general. For each statement, give a brief explanation of why it's false and an example of a case when it's true, if ever. Again the statements are FALSE.

1. If the price of good 1 doubles and the price of good 2 triples, the budget line will pivot down.2. If individual demand curves are linear, so is the market demand curve.3. Roughly circular indifference curves are implausible for standard consumers.

naug- nal-uni.\" HHHDHU u -I 2. If you have utility from consumption 11(0) = \\J'E, then your expected utility from a gamble that gives consumption of [1 half the time and Y half the time is EU = %s/+ %\\/? = %\\/}7. If this was a good representation of your preferences and you had $100 in your pocket, about how much would you be willing to pay to avoid a risk of losing it all half the time