4) What kind of preferences do the following utility functions represent? Draw the indifference curves in each case (at least two curves). ( a. U(x, y) = 2x+5y b. U(x, y)=√xy c. U(x, y) = min{8x, 3y}

4) What kind of preferences do the following utility functions represent? Draw the indifference curves in each case (at least two curves). ( a. U(x, y) = 2x+5y b. U(x, y)=√xy c. U(x, y) = min{8x, 3y}

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 1WNG

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4) What kind of preferences do the following utility functions represent? Draw the indifference curves in
each case (at least two curves). (
a. U(x, y) = 2x+5y
b. U(x, y)=√xy
c. U(x, y) = min{8x, 3y}

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