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Problem 2 Tyrion likes ice cream (good 1) and chocolate (good 2). Denote by (2:1, 1:2) 6 X his consumption bundle consisting of 1:1 units of ice cream and :52 units of chocolate. Tyrion's preferences are represented by the Cobb-Douglas utility funtion: 1. Derive the equation of the indifference curve that passes through the consumption bundle (1,1). Draw that indifference curve in a diagram with quantities of ice cream 3:1 on the horizontal axis and quantities of chocolate 2:2 on the vertical axis. In the same diagram, draw the indifference curve along which Tyrion's utility is 4. 2. Are Tyrion's preferences monotonic? Are they strictly monotonic? Does Tyrion exhibit convex preferences? Are Tyrion's preferences strictly convex? 3. Compute 'I'yrion's marginal utility of ice cream (M U1). Calculate Tyrion's marginal utility of chocolate (M U2). Determine the marginal rate of substitution (MRS) for Tyrion. Does Tyrion have a diminishing marginal rate of substituion? What is Tyrion's marginal rate of substitution at point (1,1) and (, %)