Give step by step explanation 2 Jims utility function is u.pdf
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The document presents various utility functions for individuals named Jim, Jerry, Tammy, Oral, Marjoe, Pat, Billy, and Francis. It poses questions regarding who shares similar preferences and indifference curve shapes as Jim, and requests an explanation for any differences in these comparisons. The focus is on analyzing the characteristics of each utility function in relation to Jim's utility function, u(x;y) = xy.
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Give step by step explanation 2 Jims utility function is u.pdf
- 1. Give step by step explanation 2. Jim's utility function is u(x;y)=xy. Jerry's utility function is u(x;y)= 1000xy+2000. Tammy's utility function is u(x;y)=xy(1xy). Oral's utility function is u(x;y)=1/(10+2xy). Marjoe's utility function is u(x; y)= x(y+1000). Pat's utility function is u(x;y)=0.5xy10000. Billy's utility function is u(x;y)=x/y. Francis's utility function is u(x;y)=xy. (1) Who has the same preferences as Jim? (2) Who has indifference curves whose general shape is similar to Jim's indifference curves? (3) Explain why the above answers differ.