Graph a typical indifference curve for the following utility functions, and determine whether they have convex indifference
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Question:
Graph a typical indifference curve for the following utility functions, and determine whether they have convex indifference curves (i.e., whether the MRS declines as x increases). 1
1. U(x,y) = 3x + y
2. U(x,y) = xy
3. U(x,y) = x + y
4. U(x,y) = min(2x, 5y)
5. U(x,y) = xy/(x+y)
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