exercise 1

Exercise 1 (10 points). A consumer has preferences > defined on the consumption set X =[0,100] x [0,100]. The consumer's preference relation is represented by the utility function U = x2 + y2. a) Write the definition of strong monotonicity. Are this consumer's preferences strong monotonic? b) Write the definition of convex preferences. Are this consumer's preferences convex? d) Would your answers to part a) and b) change if the utility function was U = (x-100)2 + (y-100)2 instead