Explain who has the same preferences as jim

Reference no: EM13177829

Jim's utility function is U(x, y) = xy. Jerry's utility function is U(x, y) = 1,000xy + 2,000. Tammy's utility function is U(x, y) = xy(1 - xy). Oral's utility function is U(x,y)= -1/(10+2xy).Marjoe's utility function is U(x, y) = x(y + 1,000). Pat's utility function is U(x, y) = 0.5xy - 10,000. Billy's utility function is U(x, y) = x/y . Francis's utility function is U(x, y) = -xy.

a. Who has the same preferences as Jim?

b. Who has the same indifference curves as Jim?

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

Reference no: EM13177829

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