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Filbert and Lychee have convex indifference curves. Note Filbert is indifferent between baskets (3, 2) and (4, 1)--these are x, y coordinates. Lychee is indifferent between baskets (1, 4) and (2, 3) Not that all four baskets lie along a straight line.
a.) Can you determine whether Filbert and Lychee have identical tastes?
b.) Suppose that Filbert chooses (4,1) and Lychee chooses basket (1, 4). Can you determine whether Filbert and Lychee pay identical prices for the goods they buy?
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Question 1 Consider an investor who has the von Neumann-Morgenstern utility index u(x ) = 3 + 4√ x An investment provides income according to two possible future scenari
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