1. In a sentence or two, define concisely what a utility function is. 2. In a...

 

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1. In a sentence or two, define concisely what a utility function is. 2. In a sentence or two, define concisely what indifference curves are. 3. 4. Plot a family of indifference curves for U (x, y) = min{x,y} Can indifference curves intersect? Explain briefly. (Hint: what assumption prevents this?) 1. In a sentence or two, define concisely what a utility function is. 2. In a sentence or two, define concisely what indifference curves are. 3. 4. Plot a family of indifference curves for U (x, y) = min{x,y} Can indifference curves intersect? Explain briefly. (Hint: what assumption prevents this?)