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For each of the following utility functions over X = {x €R : x > 0}, graphically depic each of the following sets on a number line: 1. U(x) = x • The indifference set around x = 1 • The lower contour set of x = 5| 2. U(x) = (x – 5)² • The indifference set around x = 2 • The upper contour set of x = 4 3. U(r) = min{r³, 64} • The lower contour set of x = 5 • The indifference set around x = 4

For each of the following utility functions over X = {x €R : x > 0}, graphically depic each of the following sets on a number line: 1. U(x) = x • The indifference set around x = 1 • The lower contour set of x = 5| 2. U(x) = (x – 5)² • The indifference set around x = 2 • The upper contour set of x = 4 3. U(r) = min{r³, 64} • The lower contour set of x = 5 • The indifference set around x = 4

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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For each of the following utility functions over X {x €R : x > 0}, graphically depict each of the following sets on a number line: 1. U(x) = x The indifference set around x = 1 • The lower contour set of x = 5| 2. U(x) = (x – 5)2 • The indifference set around x = 2 • The upper contour set of x = 4 3. U(x) = min{r³, 64} • The lower contour set of x = 5 • The indifference set around x = 4 4. U(x) = log10 x if x < 20, and U(x) = 0 otherwise • The upper contour set of x = 15 • The lower contour set of x = 25
Transcribed Image Text:For each of the following utility functions over X {x €R : x > 0}, graphically depict each of the following sets on a number line: 1. U(x) = x The indifference set around x = 1 • The lower contour set of x = 5| 2. U(x) = (x – 5)2 • The indifference set around x = 2 • The upper contour set of x = 4 3. U(x) = min{r³, 64} • The lower contour set of x = 5 • The indifference set around x = 4 4. U(x) = log10 x if x < 20, and U(x) = 0 otherwise • The upper contour set of x = 15 • The lower contour set of x = 25
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