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

Consider the following indifference curves. U1 U2 X U3 Which indifference curves violate the assumption of monotonicity? b₁ U4

T/F Explain If preference is monotonic but not strongly monotonic, indifference curves are upward sloping but may have flat portions.

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)