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I can't understand these two True or False questions, Can you please explain how to solve? A person with utility function U(x,y) = 5 +
I can't understand these two True or False questions,
Can you please explain how to solve?
- A person with utility function U(x,y) = 5 + y2 + 2x has nonconvex preferences. > True
- A person with utility function U(x,y) = 10 + y2 + x has convex preferences. > True
Why are they both true, and how do you determine convexity from a utility function?
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