Sketch out utility = 30 and utility = 60 indifference curves for each of the following utility functions. In each case describe the type of preferences that appear to be represented by each utility function:

a. U(x, y) = 2 ∗ x + y

b. U(x, y) = 10 + x + y

c. U(x, y) = 3 ∗ x ∗ y

d. U(x, y) = Minimum (3 ∗ x, y)

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a ulny axy Glady b vm y 10hy d ulmiy umi... View the full answer