Nemo is really excited about the new school year as he has chosen to take a course in economics taught by Mr. Ray . Unfortunately he has trouble understanding certain concepts and needs help completing his homework question: Consider an individual whose utility function over quantities of X and Y takes the form: U = 1/(X2Y 2) where U is an index of the individual's utility and X and Y are the weekly quantities of the two items consumed (for both items, quantities must be non-negative, so X >= 0 and Y >= 0).

i. Are the indi?erence curves upward sloping or downward sloping? ii. Are the indi?erence curves concave or convex?

iii.Is X a 'good' or a 'bad'?

iv. Is Y a 'good' or a 'bad'?

A i. Upward ii. Concave iii. Good iv. Good B i. Upward ii. Convex iii. Good iv. Bad

C i. Upward ii. Concave iii. Bad. iv. Bad

D i. Downward ii. Concave iii. Good iv. Bad E i. Downward ii. Convex iii. Bad iv. Bad

F i. Downward ii. Convex iii. Good iv. Bad

Answer: E

Attached is the graph

1) please may you explain how to draw the graph

2) What does each part of the four graphs mean in terms of the marginal utilities? Increasing or decreasing or constant?