Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 13PA
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Question
4please answer part a and b of quesrion #1
![Consider a consumer whose preferences are represented by a utility function
u(x, y) = a0.5y5 Are these preferences monotonic?
%3D
O Yes
O No](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ceb82a8-3ae7-44e5-a9fa-d9ddb5f59a67%2Fc572db4d-012f-498a-9312-150ace28fb2a%2Fx9vuhha_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider a consumer whose preferences are represented by a utility function
u(x, y) = a0.5y5 Are these preferences monotonic?
%3D
O Yes
O No
![Consider a consumer whose preferences are represented by a utility function
u(x, y) = a0.5y Are these preferences convex?
O Yes
O No](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ceb82a8-3ae7-44e5-a9fa-d9ddb5f59a67%2Fc572db4d-012f-498a-9312-150ace28fb2a%2F2omzao_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider a consumer whose preferences are represented by a utility function
u(x, y) = a0.5y Are these preferences convex?
O Yes
O No
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