Essay
Jim's utility function is U(x, y)= xy.Jerry's utility function is U(x, y)= 1,000xy + 0 2,000.Tammy's utility function is U(x, y)= xy(1 - xy).Oral's utility function is U(x, y)=-1/(10 + 2xy).Marjoe's utility function is U(x, y)= x(y + 1,000).Pat's utility function is U(x, y)= 0.5xy - 10,000.Billy's utility function is U(x, y)= x/y.Francis's utility function is U(x, y)= -xy.
a.Who has the same preferences as Jim?
b.Who has the same indifference curves as Jim?
c.Explain why the answers to (a)and (b)differ.
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a.Jerry, Pat, and Oral have the same pre...View Answer
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