Suppose Aditya's preference can be represented by the utility function u(x,y) = x-y. 1. For each...

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Suppose Aditya's preference can be represented by the utility function u(x,y) = x-y. 1. For each of the following pairs of consumption bundles determine whether Aditya prefers the first bundle, prefers the second bundle, or is indifferent between the two bundles. A (1,2) and B (2,1) = B (2,1) and C = (1,4) A (1,2) and D (1) 2. Find the indifference curve that contains the bundle E = (2,2). That is, find the set of all bundles that Aditya considers indifferent to E. [You may use set notation and write this in the form {(x,y) = Ry = f(x)} or describe the set in a sentence that contains the relevant equations and inequalities.] 3. Does this utility function belong to any of the special classes of utility functions that we have discussed? Discuss the properties of this specific class of utility functions and sketch some indifference curves. 4. Now suppose Aditya's preference is represented by the utility function v(x,y) 2 u(x, y) = 2. r. y. Discuss how this change affects your answers to the previous parts. Be as precise as possible. Suppose Aditya's preference can be represented by the utility function u(x,y) = x-y. 1. For each of the following pairs of consumption bundles determine whether Aditya prefers the first bundle, prefers the second bundle, or is indifferent between the two bundles. A (1,2) and B (2,1) = B (2,1) and C = (1,4) A (1,2) and D (1) 2. Find the indifference curve that contains the bundle E = (2,2). That is, find the set of all bundles that Aditya considers indifferent to E. [You may use set notation and write this in the form {(x,y) = Ry = f(x)} or describe the set in a sentence that contains the relevant equations and inequalities.] 3. Does this utility function belong to any of the special classes of utility functions that we have discussed? Discuss the properties of this specific class of utility functions and sketch some indifference curves. 4. Now suppose Aditya's preference is represented by the utility function v(x,y) 2 u(x, y) = 2. r. y. Discuss how this change affects your answers to the previous parts. Be as precise as possible.