Suppose that the following utility function is given U(X, Y) = -X¯1+Y¯1. Which of the following correct? Both X and Y are bads and indifference curve is negatively sloped. X is a good and Y is a bad and indifference curve is negatively sloped. Y is a bad and X is a good and indifference curve is positively sloped. Both X and Y are goods and indifference curve is negatively sloped.
Suppose that the following utility function is given U(X, Y) = -X¯1+Y¯1. Which of the following correct? Both X and Y are bads and indifference curve is negatively sloped. X is a good and Y is a bad and indifference curve is negatively sloped. Y is a bad and X is a good and indifference curve is positively sloped. Both X and Y are goods and indifference curve is negatively sloped.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose that the following utility function is given U(X, Y) = -X-1+Y¯1. Which of the following is
correct?
Both X and Y are bads and indifference curve is negatively sloped.
X is a good and Y is a bad and indifference curve is negatively sloped.
Y is a bad and X is a good and indifference curve is positively sloped.
Both X and Y are goods and indifference curve is negatively sloped.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb598839e-2f0a-4e6f-b76c-2738a8a482b4%2Fd6d7b2cf-f22b-4ed1-9e11-719042b99cc2%2Fkxe0zu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the following utility function is given U(X, Y) = -X-1+Y¯1. Which of the following is
correct?
Both X and Y are bads and indifference curve is negatively sloped.
X is a good and Y is a bad and indifference curve is negatively sloped.
Y is a bad and X is a good and indifference curve is positively sloped.
Both X and Y are goods and indifference curve is negatively sloped.
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