Discuss the convexity of the indifference curves

Reference no: EM131079326

As we saw in figure 3.5, one way to show convexity of indifference curves is to show for any two points (x1,y1) and (x2,y2) on an indifference curve that promises U=k, the utility is associated with the point {( x1+x2)/2} and {( y1+y2)/2} is at least as great as k. Use this approach to discuss the convexity of the indifference curves for the following three functions.

Reference no: EM131079326

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