Multiple Choice
Jim's utility function is U(x, y) = xy. Jerry's utility function is U(x, y) = 1,000xy + 2,000. Tammy's utility function is U(x, y) = xy(1 - xy) . Oral's utility function is - 
. Billy's utility function is 
. Pat's utility function is U(x, y) = -xy.
A) No two of these people have the same preferences.
B) They all have the same preferences except for Billy.
C) Jim, Jerry, and Pat all have the same indifference curves, but Jerry and Oral are the only ones with the same preferences as Jim.
D) Jim, Tammy, and Oral all have the same preferences.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Jean-Pierre has preferences represented by the utility
Q2: Joe Bob's cousin Peter consumes goods 1
Q3: Charlie has the utility function U(x<sub>A</sub>, x<sub>B</sub>)
Q4: Ernie's utility function is U(x, y) =
Q6: Wanda Lott has the utility function U(x,
Q7: Raymond's preferences are represented by the utility
Q8: Mr. Surly consumes only two goods and
Q9: Molly's utility function is U(x, y) =
Q10: Use separate graphs to draw indifference curves
Q11: If someone has a utility function U