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1. Illustrate a representative indifference curve for the consumer. (Hint consider the cases where x1 > x2 and

x2 > x1 separately.

2. Indicate the direction of increasing utility for the consumer.

3. Are these preferences strictly convex?

4. Are these preferences convex?88b713c7b226777a260cb4b5bdc90c6.png

88b713c7b226777a260cb4b5bdc90c6.png

Perfect Complements: Suppose that a consumer has perfect complements
(or Leontief) preferences over bundles of non-negative amounts of each of two
commodities. The consumer's preferences can be represented by a utility
function of the form U (3:1, $2) = min(:r:1, 3:2). 1. Illustrate a representative indifference curve for the consumer. (Hint
consider the cases where :51 ; m2 and :52 2, 1:1 seperatley. 2. Indicate the direction of increasing utility for the consumer.
3. Are these preferences strictly convex? Explain why. 4. Are these preferences convex? Explain why.

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