A person with the utility function U(x₁, x₂)= min+x₁ + 2x₂, 2x₁ + x₂} has convex but not strictly convex preferences.

Question

Quizplus · Accepted Answer

The provided utility function is not clearly defined due to the presence of garbled text, making it impossible to accurately determine the nature of the preferences (convex, strictly convex, or otherwise) without a clear, coherent utility function.

A Person with the Utility Function U(x1, X2)= Min+x1

A Person with the Utility Function U(x₁, X₂)= Min+x₁