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1. For each of the following utility functions, draw the three indierence curves that correspond to the three stated utility levels, labeling each curve with the corresponding utility level. Label any intercepts or inks in the line to fully identify the position of the curve.
(a) U(X; Y ) = minf3X; Y g; utility levels = 3; 6; 9
(b) U(X; Y ) = minf3X; 2Y g; utility levels = 6; 12; 18.
(c) U(X; Y ) = 5X + 2Y ; utility levels = 10; 15; 20.
2. For each of the following utility functions, derive MUX; MUY , and the MRS. Show your steps.
(a) U(X; Y ) = X2Y
(b) U(X; Y ) = X(1/3) Y(2/3)
(c) U(X; Y ) = 4rootXY
(d) U(X; Y ) = XY + 3X + 2Y
What literature you are reviewing and how it contributes to your research question. You might want to consider areas such as additional readings on theory, policy relevance, debates and existing findings.
part 1 - choice under uncertaintylet us assume that your utility function is given by u nbspradici . you have been
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