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Show that the two utility functions given below generate

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Reference no: EM13321629

Which of the following utility functions are consistent with convex indifference curves and which are not?

a. U(X, y)=2X+SY

b. U(X, Y) = (Xy)5

c. U(X, Y)= Min (X, Y), where Min is the minimum of the two values of X and Y.

 

Show that the two utility functions given below generate identical demand functions for goods X and Y:

a. U(X, Y)= log(X) + log(Y)

b. U(X, Y) = (XY)5

Reference no: EM13321629

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