Please explain each of them 9. Alice's utility function is U(x, y) = xy. Steve's utility function is U(x, y) = xy + 2x. Alice and Stevehave the same preferences since Steve's utility function is a monotonic transformation of Alice's.ANS: FALSE10. Jeans utility function is U(x, y) =x+y 2 -y. If we draw her indifference curves with x on thehorizontal axis and y on the vertical axis, then these indifference curves are everywhere downwardsloping and get flatter as one moves from left to right.ANS: FALSE11. The utility function U(x1, x2) = 2lnx, + 3lnr, represents Cobb-Douglas preferences.ANS: TRUE

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9. Alice's utility function is U(x, y) =xy. Steve's utility function is U(x, y) = xy + 2r. Alice and Steve have the same preferences since Steve's utility function is a monotonic transformation of Alice's. ANS: FALSE

9. Alice's utility function is U(x, y) =xy. Steve's utility function is U(x, y) = xy + 2r. Alice and Steve have the same preferences since Steve's utility function is a monotonic transformation of Alice's. ANS: FALSE

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.2P

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Can you answer g-h. Thanks!
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