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Unformatted text preview: Economics 11, Winter 2006; Homework Assignment #2 Due Thursday January 26, 3PM. 1. Which of the following utility functions represent the same preferences as u ( x,y ) = x 1 / 2 y 1 / 2 ? Explain briefly. v 1 ( x,y ) = xy v 2 ( x,y ) = x 4 y 4 v 3 ( x,y ) = sin( xy ) v 4 ( x,y ) = log x + log y v 5 ( x,y ) = 1 xy 2. On one sketch, draw indifference curves through the points (1 , 1) and (2 , 2) corresponding to the following CobbDouglas utility functions. Show all the points where these indifference curves intersect (if any). Be careful about what happens near the coordinate axes. (a) u ( x,y ) = x 1 / 2 y 1 / 2 (b) u ( x,y ) = x 2 / 3 y 1 / 3 (c) u ( x,y ) = x 3 / 4 y 1 / 4 3. On one sketch, show indifference curves through the points (1 , 1) and (2 , 2) corresponding to the following quasilinear utility functions. Show all points where these indifference curves intersect (if any). Be careful about what happens near the coordinate axes....
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This note was uploaded on 04/01/2010 for the course ECON Econ 11 taught by Professor Mcdevitt during the Fall '07 term at UCLA.
 Fall '07
 McDevitt
 Utility

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