Jim's utility function is u(x, x) = x2. Jerry's utility function is u(x, x) = 1000xx2...

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Jim's utility function is u(x₁, x₂) = x₁2. Jerry's utility function is u(x₁, x₂) = 1000x₁x2 +2000. Tammy's utility function is u(x₁, x₂) = x₁x2(1-x₁x2). Oral's utility function is u(x₁, x2) = −1/(10+2x₁x2). Marjoe's utility function is u(x₁, x2) = x₁(x2+1000). Pat's utility function is u(x₁, x₂) = 0.5x1x2 - 10000. Billy's utility function is u(x₁, x2) = 1/2. Francis's utility function is u(x₁, x₂) = −x1x2. = (1) Who has the same preferences as Jim? (2) Who has indifference curves whose general shape is similar to Jim's indifference curves? (3) Explain why the above answers differ. Jim's utility function is u(x₁, x₂) = x₁2. Jerry's utility function is u(x₁, x₂) = 1000x₁x2 +2000. Tammy's utility function is u(x₁, x₂) = x₁x2(1-x₁x2). Oral's utility function is u(x₁, x2) = −1/(10+2x₁x2). Marjoe's utility function is u(x₁, x2) = x₁(x2+1000). Pat's utility function is u(x₁, x₂) = 0.5x1x2 - 10000. Billy's utility function is u(x₁, x2) = 1/2. Francis's utility function is u(x₁, x₂) = −x1x2. = (1) Who has the same preferences as Jim? (2) Who has indifference curves whose general shape is similar to Jim's indifference curves? (3) Explain why the above answers differ.

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Answer 1 The two different formulas for calculating marginal cost MC in columns 8 of SR Cost 2 and C... View the full answer