Question: Problem 2 Let ~ be a preference relation R, such that, for every x and y in R2 In addition, consider the two functions from

Problem 2 Let ~ be a preference relation R, such that,

Problem 2 Let ~ be a preference relation R, such that, for every x and y in R2 In addition, consider the two functions from R2 to R: U(x) = (x1 +x2) and V(x) = Vx1+12 (a) Show that both functions U and V represent the preference relation . (b) Prove that U is convex and quasiconcave. (c) Prove that V is concave. (d) Are preferences ~ convex? Explain

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