Which of the following utility functions are consistent with convex indifference curves and which are not?
a. U(X, y)=2X+SY
b. U(X, Y) = (Xy)5
c. U(X, Y)= Min (X, Y), where Min is the minimum of the two values of X and Y.
Show that the two utility functions given below generate identical demand functions for goods X and Y:
a. U(X, Y)= log(X) + log(Y)
b. U(X, Y) = (XY)5