As we saw in Figure 3.5, one way to show convexity of indifference curves is to show that, for any two points (x 1 , y 1 ) and ( x 2 , y 2 ) on an indifference curve that promises U = k, the utility associated with the point 11eb773e_d0f8_8e47_adfc_a16ad6230138_SM3017_00 is at least as great as k. Use this approach to discuss the convexity of the indifference curves for the following three functions. Be sure to graph your results. a. U(x, y) = min(x, y). b. U(x, y) = max(x, y). c. U(x, y) = x + y. Reference: Figure 3.5 11eb773e_d0f8_8e48_adfc_f766359b0e36_SM3017_00

Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder

النسخة 11الرقم المعياري الدولي: 978-1111525538

Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder

النسخة 11الرقم المعياري الدولي: 978-1111525538

تمرين 4

As we saw in Figure 3.5, one way to show convexity of indifference curves is to show that, for any two points (x 1 , y 1 ) and ( x 2 , y 2 ) on an indifference curve that promises U = k, the utility associated with the point

is at least as great as k. Use this approach to discuss the convexity of the indifference curves for the following three functions. Be sure to graph your results.
a. U(x, y) = min(x, y).
b. U(x, y) = max(x, y).
c. U(x, y) = x + y.
Reference: Figure 3.5

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(a)
A function is said to be convex when...