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John consumes two goods, good x and good y and his preferences are represented by the utility function U ( x, y ) = x
John consumes two goods, good x and good y and his preferences are represented by the utility function U(x, y) = x + 4y.
1. Draw (sketch) John's indifference curves for U(x, y) = 5, U(x, y) = 10, U(x, y) = 15.
2. Do John's preferences satisfy strict monotonicity? Explain briefly
3. Do the indifference curves you've drawn reflect preferences that are convex? Explain briefly
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