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Question is also attached--- formulas are in the image The following gure shows indifference curves for an individual whojs utility depends on goods x and

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Question is also attached--- formulas are in the image

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The following gure shows indifference curves for an individual whojs utility depends on goods x and y. (261', y{) and (x5, y5') represent two different reference points. The curve with a value of k1 represents the indifference curve that intersects (xi, yi") given that (351", yi") is the reference point. Likewise, the curve with a value of k2 represents the indifference curve that intersects (x5, 3);) given that (x5 , y ) is the reference point. (14 points total) a. Use this gure to explain how somebody exhibiting these indifference curves could violate the transitivity property of preferences. (Add points on the curve as needed to help explain your answer.) (2 sentences) (7 points) b. Then, give a malmd example to illustrate somebody making a choice that can be explained by this gure. (1-2 sentences) (7 points) yl'" If x

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