For each of the following preferences that are represented by the utility functions given below, draw...

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For each of the following preferences that are represented by the utility functions given below, draw and justify the shape of the indifference curves. Please carefully explain the basic characteristics of the preferences relations that these utility functions represent. (i) An agents utility from the consumption of r and y are given by U r2y/2,. (ii) U(x, y) maz{r.y} (iii) Two goods are substitutes, but not perfect substitutes: U(r, y) = az + by, where a and b are positive constants. (iv) U(x, y) = r² + y. (v) Between any two commodity bundles containing r and y, an individual always prefers the one which has more of r. But if both the bundles contain exactly same amount of r, then the individual chooses the one with more y. For each of the following preferences that are represented by the utility functions given below, draw and justify the shape of the indifference curves. Please carefully explain the basic characteristics of the preferences relations that these utility functions represent. (i) An agents utility from the consumption of r and y are given by U r2y/2,. (ii) U(x, y) maz{r.y} (iii) Two goods are substitutes, but not perfect substitutes: U(r, y) = az + by, where a and b are positive constants. (iv) U(x, y) = r² + y. (v) Between any two commodity bundles containing r and y, an individual always prefers the one which has more of r. But if both the bundles contain exactly same amount of r, then the individual chooses the one with more y.

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