Question

For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associate

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Answer #1

Answering only first Four parts

Let three Utility levels

U1= 5, IC are red

U2= 10, IC are Blue

U3= 15 , IC are green

1) linear IC

perfect substitutes Preferences

—10- (2.5

2) right angled IC

Leontieff Preferences

-20- -1.5 -10- 10 x1 15 20

3) IC are vertical lines

Neutral Preferences

20 10 0 5 10 X1 15 20

4) IC Slope upwards

-40- x2 -30- -20- -10- 0 5 10 15 20 X1 30 40

5) Cobb Douglas preferences

-60 X2 20 X1 40

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