Billrsquos utility function is ux y xycharliersquos, Ask an Expert

Economics

Bill’s utility function is U(x, y) = xy.

Charlie’s utility function is U(x, y) = 1,000xy + 2,000.

Percy’s utility function is U(x, y) = -xy.

Fred’s utility function is U(x, y) = -1/(10 + 2xy).

George’s utility function is U(x, y) = x(y + 1,000).

Ron’s utility function is U(x, y) = 0.5xy - 10,000.

Ginny’s utility function is U(x, y) = x/y.

a. Who has the same preferences as Bill?

b. Who has the same indifference curves as Bill?

c. Explain why the answers to (a) and (b) differ.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421181

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