I need help with three problems that are assigned for my class
attached is the assignment
University of California, Riverside Graduate School of Management Managerial Economics (MGT 203) Winter 2017 Professor Roberto Pedace Problem Set #1 1. [3 points] Professor Goodheart always gives two midterms in his communications class. He only uses the higher of the two scores that a student gets on the midterms when he calculates the course grade. Let x1 be the score on the first midterm and x 2 be the score on the second midterm. Which combination of score would be most preferred by a student in this class, " = 20 and & = 70 or " = 60 and & = 50? Draw the indifference curve containing the combination of scores that the student likes exactly as well as " = 20 and & = 70. Draw another indifference curve containing the combination of scores that the student likes exactly as well as " = 60 and & = 50. 2. [3 points] Randy Ratpack enjoys studying economics, but hates studying history. Draw his indifference curves (with hours spent studying history on the horizontal axis and hours spent studying economics on the vertical axis). 3. Draw the indifference map corresponding to the following utility functions: (a) [2 points] = 2 + . . (b) [2 points] = / / (c) [2 points] = , 2 (d) [2 points] = , 1
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