For each of the following utility functions draw the indifference curve that passes through (1,1). Label at least three points on each curve and indicate the direction of increased preference: a) u(x1, x2 ) = 3x1 b) u(x1, x2 ) = x1+ 2x2 c) u(x1, x2 ) = x1 + logx2 d) u(x1, x2 ) = min (2r1, x2) e) u(x1, x2 ) = max (x1, x2)

For each of the following utility functions draw the indifference curve that passes through (1,1). Label at least three points on each curve and indicate the direction of increased preference: a) u(x1, x2 ) = 3x1 b) u(x1, x2 ) = x1+ 2x2 c) u(x1, x2 ) = x1 + logx2 d) u(x1, x2 ) = min (2r1, x2) e) u(x1, x2 ) = max (x1, x2)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.4P

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