Suppose that consumer has the following utility function: U(X,Y) = X2 + Y2. Which of the following iscorrect?Preferences are convex and indifference curves are bowed outward from theorigin since Law of Diminishing Marginal Utility fails to hold.Preferences are non-convex and indifference curves are bowed outward fromthe origin since Law of Diminishing Marginal Rate of Substitution fails to hold.Preferences are convex and indifference curves are bowed inward towards theorigin since Law of Diminishing Marginal Utility holds.Preferences are convex and indifference curves are bowed inward towards theorigin since Law of Diminishing Marginal Rate of Substitution holds.

Answered: Image /qna-images/answer/c4d56a1f-85b4-43f1-b439-a2f4ef11e1d9.jpg

Answered: Suppose that consumer has the following…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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