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)...

For each of the following utility functions draw the<br>indifference curve that passes through (1,1). Label<br>at least three points on each curve and indicate<br>the direction of increased preference:<br>a) u(x1, x2 ) = 3x1<br>b) u(x1, x2 ) = x1 + 2x2<br>c) u(x1, x2 ) = x1+ logx2<br>d) u(x1, x2 ) = min (2x1, x2)<br>e) u(x1, х2) %3D max (1, x2)<br>

Extracted text: 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)

Jun 09, 2022

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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)...

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