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EXERCISE 3 Consider the following utility functions: (1) u(x1, X2) = x1 + 2x2. (2) u(x1, X2) = 230.2520.75. (3) u(x1, 2) = -721-12 (4)

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EXERCISE 3 Consider the following utility functions: (1) u(x1, X2) = x1 + 2x2. (2) u(x1, X2) = 230.2520.75. (3) u(x1, 2) = -721-12 (4) u(x1, 2) = min{ x1, 2x2}. Give the equation of the indifference curve corresponding to utility level k for (1) to (3). Use separate graphs to sketch two indifference curves for (1) to (4)

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