Given this preference relation, draw an indifference curve. xy x1 + x2 ≥ Y1 + Y2.

For each of the following utility functions draw the indifference curve that passes through (1,1). Label at least three points on each curve and indicate the direction of increased preference: a) u(x1, x2 ) = 3x1 b) u(x1, x2 ) = x1 + 2x2 c) u(x1, x2 ) = x1+ logx2 d) u(x1, x2 ) = min (2x1, x2) e) u(x1, х2) %3D max (1, x2)

Higher level of indifference curve represent higher utility.    Is it true.

Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

We claimed in the text that if preferences were monotonic, then a diagonal line through the origin would intersect each indifference curve exactlyonce. Can you prove this rigorously? (Hint: what would happen if itintersected some indifference curve twice?)

b) Define indifference curve and discuss the characteristics of an indifferencecurve.

Given this preference relation, draw an indifference curve. (The previous expert didn't draw an indifference curve) 3 C xy x1 + x2 ≥ Y1 + Y2.

We claimed in the text that if preferences were monotonic, then a diag-onal line through the origin would intersect each indifference curve exactly once. Can you prove this rigorously? (Hint: what would happen if itintersected some indifference curve twice?)

The marginal rate of substitution measures the distance between one indifference curve and the next one. True False

Is the indifference curve of U(x1,x2)=max(x1,x2) considered to be the curve for a perfect complement since the shape of it is opposite to the L-shape?