Busines S KOB Bu i Conten Bb 803711 Margin Paraph Watch Bb 79 X Bb Micros S [Solved | N. Ace Al | * MATLA *Upload + X C learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com/5bfc08ba3f1dc/79014404?X-Blackboard-$3-Bucket=learn-eu-central-1-p... Q To V Finish update E 79014404 2 / 3 143% + 2 Question 1: Indifference curves and utility representations. 20 points 1. Explain the type of preferences that each of the following utility functions represents, and then plot a set of indifference curves for each utility func- tion. Note that x1 and x2 are goods the individual cares about. Show all your workings. (a) u(1, 12) = ar1 + bx2, a > 0 and b > 0. (b) u(x1, 12) = minfar1, ar2}, a > 0 and b > 0. (c) u(1, 12) = 14x2, 0