Chris has a utility function U(F,C) = 10FC , and joe has the utility function V(F,C) = 20F^2C^2 , where F and C represent the quantities of food and clothing?
a) What is the set of market baskets that give Chris a utility level of 10? Draw the indifference curve for utility at level 10.
b) what is the set of market baskets that give Joe a utility level of 20? Draw the indifference curve for utility at level 20.
c) Do Chris and Joe have the same or different preferences for food and clothing? Explain.
d) Suppose that Chris's utility function changes W(F,C) = 20FC^2. Do Chris and Joe now have the same or different preferences? Explain.