Separately, draw the indifference curves that crosses through the bundles (1, 1) and (4,4) for each of the following preferences: i) U(x1, x₂) = min{2x1 + x2, 2x2 + x₁} ii) U(x1, x₂) = max {2x1 + y, 2x2 + x₁} iii) U(x1, x₂) = x₁ + min{x1, x2} Are these preferences convex?

Separately, draw the indifference curves that crosses through the bundles (1, 1) and (4,4) for each of the following preferences: i) U(x1, x₂) = min{2x1 + x2, 2x2 + x₁} ii) U(x1, x₂) = max {2x1 + y, 2x2 + x₁} iii) U(x1, x₂) = x₁ + min{x1, x2} Are these preferences convex?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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instead of y, its supposed to be x2

Separately, draw the indifference curves that crosses through the bundles (1, 1) and
(4,4) for each of the following preferences:
i) U(x1, x2) = min{2x1 + x2, 2x2 + x1}
ii) U(x1, x2) = max{2x1 + y, 2x2 + x1}
%3D
ii) U(x1, x2) = x1 + min{x1, x2}
Are these preferences convex?

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