Question: Problem 3 Suppose that the preference relation ~ in R2 is represented by the utility function U(x1, 12) = 27+12 (a) In the same graph,

Problem 3 Suppose that the preference relation ~ in R2 is

Problem 3 Suppose that the preference relation ~ in R2 is represented by the utility function U(x1, 12) = 27+12 (a) In the same graph, draw two indifference curves and indicate which of the two delivers more utility. (b) Is ~ monotone? Justify your answer formally. (c) Is

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