Answer All questions 1) a) Given the following typical utility curves determine whether they have convex indifference curves (that is, whether the Marginal Rate of Substitution declines as x...

Extracted text: Answer All questions 1) a) Given the following typical utility curves determine whether they have convex indifference curves (that is, whether the Marginal Rate of Substitution declines as x increases). U(x, y)=/x - y b) Given the following Constant Elasticity of Substitution production function, show whether or not it is homogeneous, and the scale it exhibits. Q= [L² + K³]3