Are the indifference curves are both convex

Reference no: EM13180812

The utility function is

U = U (X, Y)

If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.

Reference no: EM13180812

Questions Cloud

Demonstrating good self control and regulation : Kojo is 5. His father tries to foster Kojo's development by explaining his actions to his son and demonstrating good self control. This shows how self regulation can be A) biased. B) stereotyped. C) modeled. D) conventional.

Why did the romans prevail : With their victory in the Punic Wars, the Romans were able to transform the Mediterranean into mare nostrum, "our sea." How did this come about? Trace the conflict between Rome and Carthage from beginning to end. Why did the Romans prevail?

Product-stage in the product life cycle-product positioning : Discuss the classification of the product, stage in the product life cycle, product positioning, features and benefits of the product. Make sure to indicate the type of product (shopping, convenience, etc) and the width and depth of your brand. Packa..

Black death vastly change the dynamics : How did the Black Death vastly change the dynamics of Europe and what are some of the specific impacts it had on society, economics, and culture?

Are the indifference curves are both convex : The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.

Find the annual operational cost of the system : A CNC machine was purchased for $120,000 and has a five-year depreciable life. The shipping and handling cost were $15,000. The annual operational cost of the system is $10,000. The estimated salvage of the machine is $20,000 at the end of five ye..

Estimate the cost of the 600-mw plant : A company desires to estimate the cost of building a 600-MW fossil-fuel plant for the assembly of its new long-distance aircraft. It is known that a 200-MW plan cost $100 million 20 years ago when the approximate cost index was 400, and the cost i..

Determine qualitative research methods : Specifically, you should help Nick obtain key market insights through marketing research. In addition, you should help him to determine which countries besides the U.S. (the primary target market) should be targeted to make the most out of his new..

What are the firms short run profits : A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2. (MC = 10 + 4Q). a. What price should the firm charge in the short run? b. Ho..

User Account

All Pages