Math Solutions

[All Steps] Consider preference relation \succeq defined over R_+^2 by (x_1, x_2) \succ(y_1, y_2) iff x_1+x_2 Draw some indifference curves. Find a utility

Question: Consider preference relation \(\succeq\) defined over \(R_{+}^{2}\) by \(\left(x_{1}, x_{2}\right) \succ\left(y_{1}, y_{2}\right)\) iff \(x_{1}+x_{2}<\) \(y_{1}+y_{2} .\)

  1. Draw some indifference curves.
  2. Find a utility function representing \(\succeq\).
  3. Given prices \(p \gg 0\), derive the Marshallian demands for goods 1 and 2 .
  4. Given prices \(p \gg 0\), derive the Hicksian demands for goods 1 and 2 .

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