For which of the following utility functions will the corresponding indifference curves slope
downward at an increasing rate?
a. ?= -X1/2 +Y2
b. ? = −?2 − ?2
c. ? = ?1/3Y2/3
d. ? = ?2/X1/2
For which of the following utility functions will the corresponding indifference curves slope downward at an...
carefully 1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below (a) u1 2 and ug 8. (b) ulxi,x) x u8 and ug 512. (c) 2 ules,)InIns u1 0.6931 and ug 2.0794. 4 1. Carefully sketch the indifference curves corresponding to the utility functions and the utility levels given below. (a) u(x1,x2) xx u1 2 and u2 = 8. (b) u(x1,x2) x1x; u1 8 and u2 =512. (c) 2 u(x1,x2)=Inx1 +Inx2; u1 0.6931...
For each of the following utility functions, draw an indifference map with 3 indifference curves. Be sure to label your axes, and label your curves as IC1, IC2, and IC3, where U1 < U2 < U3. (5 points each) a. ?(?, ?) = 3? + 5? b. ?(?, ?) = ? 2 + ? 2 c. ?(?, ?) = −? 2 + ln(?) d. ?(?, ?) = min(3?, 5?)
3) On ONE sketch, show the indifference curves through the point (1,1) for the following utility functions (a) ua(x,y)-12y/2 (b) ub(z, y)=x1/2+91/2 (b) tle(x, y) = z1/4 + yi/4 (d) ud(x, y)--1/x - 1/y
4. Graph a typical indifference curve for the following utility functions and determine whether they have convex indfference curves. a. U = 3x + y. b. U = (x2 + y2) c. U = (x2 - y2) 2 d. U = x3 y3 e. U = logx + logy.
For each of the following utility functions, draw an indifference map with 3 in curves. Be sure to label your axes, and label your curves as IC1, IC2, and ICs, where difference 1 U2 U (X,Y)=3X+5Y U3. (5 points each) a. U(X, Y) U(X, Y) -X2 + ln(Y) min(3X,5Y) c. d.
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a) 6 POINTS] U (x, y) = min{2x + y, 2y + x}. (b) [6 PoINts] U (x,y) = max{2.x + y, 2y + x}. (c) 6 POINTS] U (x,y) = x + min {x, y}. (d) 7 POINTS] In which of these cases are preferences convex? 4. [25 POINTS]Use separate graphs to draw indifference curves for each of the following utility functions: (a)...
Assume the standard shapes and attributes of isoprofit curves and indifference curves. • • Indifference curves are convex, downward sloping and increasing in the NE direction Isoprofit curves are increasing in the SE direction and the implied labor demand curve is downward sloping A contact curve (CC) is a locus of tangency points between the labor union's indifference curves and the management's isoprofit curves. A textbook case is to draw an upward sloping contract curve. QUESTIONS: Draw a set of...
For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines -- you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3). 1. u(x1, 12) = I1 + 2.12 2. u(21, 22) = min(21, 22) 3. u(x1,22) = 21 4....
8. An individual's preferences are represented by the utility function Ulx, y) . Which of the following statements is true? a. The marginal utility of x decreases as x increases, holding y constant. b. The marginal rate of substitution of x for y increases as the consumer substitutes x for y (i.e. more x and less y) along an indifference curve. c. The consumer needs to be compensated with (i.e. gain) increasing amounts of good x in order to be...