a) Define what do you mean by monotonic transformation of some consumer's utility function: u(x1, x2)
b) Assume u(x1, x2) = 3x1+2x2.Sketch indifference curves for this consumer corresponding to utility levels 10, 20 and 30.
c) Assume u(x1, x2) = x1+x2. Draw indifference curves for this consumers corresponding to utility levels 10, 20, 30.
d) Can these two utility functions be said to describe same preferences: Is function in monotonic transformation of function in (c). Describe.