Reference no: EM131203901
1. For the following exercise you need to draw indifference curves for people with preferences that exhibit different axioms. Everybody has preferences defined over two goods: ?? (spam) and ?? (cheesecake). Please draw an arrow to indicate the direction of preferences. Note that there may be multiple ways to draw each case, but you only need to show one.
a. Spamantha has preferences such that MUx > 0, MUy > 0, satisfy strong monotonicity, but do not satisfy strict convexity.
b. Spamson has preferences such that MUx < 0, MUy < 0, and do not satisfy strong monotonicity or strict convexity.
c. Spammy has preferences such that MUx > 0, MUy < 0, and do not satisfy strong monotonicity or strict convexity.
d. Spamuel has preferences such that MUx > 0, MUy < 0, do not satisfy strong monotonicity, but do satisfy strict convexity.
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