Consider the following utility functions.G(x,y) = -1/[ min (6x, 2y)+1]H(x,y) = min (6x,6y)L(x,y) = min (6x,2y) - 10000000000U(x,y) = min (3x, y)W(x,y) = min (6x, y)Z(x,y) = min (x,2y)Select the function or functions, if any, representing the same preferences as function U?

Answered: Consider the following utility…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following utility functions.
G(x,y) = -1/[ min (6x, 2y)+1]
H(x,y) = min (6x,6y)
L(x,y) = min (6x,2y) - 10000000000
U(x,y) = min (3x, y)
W(x,y) = min (6x, y)
Z(x,y) = min (x,2y)
Select the function or functions, if any, representing the same preferences as function U?

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Utility is the amount of satisfaction that a consumer gets from the consumption of given good or combination of goods. A function that mathematically expresses the utility a consumer will get from the consumption of n units of goods.

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