Answered: 7. An individual's utility function is given by U = 1000x, + 450x, +5x,x, - 2x-x where is the amount of leisure measured in hours per week and is income earned… | bartleby
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SOLVED: A list of utility functions appears below. For each one, sketch the corresponding upper contour set and determine which ones are convex. Where an upper contour set is not convex, indicate by identifying two points in the set with the property that a portion of the straight line between them lies outside the upper contour set.1. U(x1, x2) = minx1, x22. U(x1, x2) = maxx1, x23. U(x1, x2) = √(x1 x2)4. U(x, x) = x √(x0.5) 12125. U(x1, x2) = 2x1 2x2 3Identify any pairs of utility f
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