If someone has the utility function , then  and  are perfect complements for that person.Question 25Select one:TrueFalse

Explain what type of utility function this means we canuse to represent her preferences

The concept of utility can be measured objectivelyTrueFalse

Suppose that in addition to the consumer described inExercise 1 we also have an another consumer, Consumer 2, whose pref-erences are given by the utility functionu2(x1, x2) = x1x2where x1 is the amount of good 1 the consumer consumes and x2 theamount of good 2. Let ωℓ2 be Consumer 2’s initial endowment of goodℓ. [This is the utility function you analysed in Homework 1.] Similarlylet u1(x1, x2) = min{x1, x2} be the utility function for Consumer 1 thatyou discussed in the previous exercise and ωℓ1 be Consumer 1’s initialendowment of good ℓ.(1) Repeat the analysis of the previous exercise for Consumer 2,finding the demand functions x12(p1, p2, ω12, ω22) andx22(p1, p2, ω12, ω22)

The total satisfaction received from consuming a good or service is called utility. True False

The utility is generally related to. A. Satisfaction B. Necessary C. Useless D. Useful