A utility function is given as U = MB where B represents quantity of books consumed and M represents magazines. This utility is shown via indifference curves in the diagram to the right. The level of utility at point (bundle) T is (round your answer to one decimal place). 50- 45- 40- 35- 30- Magazines (M) 25- 20- 15- 10- 5- -0 F G. 5 10 15 W 20 -0 25 30 Books (B) +35 35 40 45 550 A utility function is given as U = MB where B represents the quantity of books consumed and M represents magazines. This utility is shown via indifference curves in the diagram to the right. If the quantity of books is held constant at 20 units, then the loss in utility by giving up 10 magazines (bundle V to P) is . (Round your answer to two decimal places and do not include a minus sign.) 50- 45- 40- 35- 30- 25- 20- 15- 10- Magazines (M) 5- 0- O- > P 10 -50 10 15 20 25 8- 30 35 40 Books (B) G- - 45 50 A consumer reports the following: 1) He prefers bundle B to bundle C. 2) He is indifferent between bundle B and bundle E. Use the three-point curved line drawing tool to draw four indifference curves containing all five bundles consistent with the preferences described above. Label these curves from the lowest utility to the highest utility (IC, IC2, IC3, IC4). Carefully follow the instructions above, and only draw the required objects. 10- 9- 8- Books 7- 6- 0 4- A 3- 2- 1 0- -3 2 -O E LL F B 5 Movies 7 -~ -6 8 -Q - 00 9 10