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For each utility function below: draw a xy-diagram; plot at least 3 IC; draw arrows pointing to the direction of utility growth; and justify, or
For each utility function below: draw a xy-diagram; plot at least 3 IC; draw arrows pointing to the direction of utility growth; and justify, or provide an example why not, if they are: i) weakly monotone/strongly monotone; ii) convex/strictly convex. Assume all utility functions are real valued functions defined on a.) u(x,y) = 3x +2y b.) u(x,y) = 3x
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