Exercise 1 20 pts An individual has preferences over two goods, apples and oranges. Let a: : [2, 6) denote the allocation in which the individual receives 2 apples and 6 oranges. Analogously, let '3; z [6, 2) and z = [5, 5}. 1. Suppose you know that the individuals preferences are monotone [though not nec- essarily convex) and that the individual is indifferent between a: and 3;. Could the individual prefer :1; and y to z? Justify your answer. [5 pta} 2. Suppose you know that the individual's preference are monotone, convex, and that the individual is indiEerent between a: and 3;. What can you conclude about the individual's relative evaluation of :5, y, and z ? [For example, can you say that z is preferred to a: and y, or vice versa?) Justify your answer. [5 pta} 3. Suppose you know that the individual's preferences are monotone, and that the indi- vidual is indiiferent between 3:, y, and z. 1What can you conclude about the convexity of the individual's indifference curves? Justify your answer. [10 pta.)