he following graphs show two indifference curves, a brown one and a blue one, where blue is more useful than brown, and the direction in which the person's utility increases (red arrow). Assume that all of this person's indifference curves maintain the same shape and that the direction of increase in utility in each is the same. Answer the following 4 questions: - In Graph 1, the utility function that represents the preferences of the person (is strictly monotonous and weakly quasi-concave / not monotonous and strictly quasi-concave / is strictly monotonous and is not quasi-concave/ it is strictly monotonous and strictly quasi-concave) - In graph 2, the utility function that represents the person's preferences (is weakly monotonous and is not quasi-concave / not monotonous and not quasi-concave / strictly monotonous and is not quasi-concave / not monotonous and weakly quasi-concave) - In graph 3, the utility function that represents the person's preferences ( none of them / is strictly monotonous and weakly quasi-concave / not monotonous and not quasi-concave / (is weakly monotonous and is not quasi-concave) - In graph 4, the utility function that represents the person's preferences __ ( none of them / not monotonous and strictly quasi-concave / not monotonous and not quasi-concave / is weakly monotonous and is not quasi-concave)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following graphs show two indifference curves, a brown one and a blue one, where blue is more useful than brown, and the direction in which the person's utility increases (red arrow). Assume that all of this person's indifference curves maintain the same shape and that the direction of increase in utility in each is the same. Answer the following 4 questions:

- In Graph 1, the utility function that represents the preferences of the person ____ (is strictly monotonous and weakly quasi-concave / not monotonous and strictly quasi-concave / is strictly monotonous and is not quasi-concave/ it is strictly monotonous and strictly quasi-concave)

- In graph 2, the utility function that represents the person's preferences ______ (is weakly monotonous and is not quasi-concave / not monotonous and not quasi-concave / strictly monotonous and is not quasi-concave / not monotonous and weakly quasi-concave)

- In graph 3, the utility function that represents the person's preferences ______( none of them / is strictly monotonous and weakly quasi-concave / not monotonous and not quasi-concave / (is weakly monotonous and is not quasi-concave)

- In graph 4, the utility function that represents the person's preferences ______ ( none of them / not monotonous and strictly quasi-concave / not monotonous and not quasi-concave / is weakly monotonous and is not quasi-concave)