Which of the following utility functions are consistent with convex indifference curves and which are not? a)
Question:
a) U(X, Y) = 2X + 5Y
b) U(X, Y) = (XY) 0.5
c) U(X, Y) = Min(X, Y), where Min is the minimum of the two values of X and Y.
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Indifference maps for the three utility functions are presented in Figures 4A1a 4A1b and 4A1c The fi...View the full answer
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