Please give a detail answaer Jims utility function is Ux y

Please give a detail answaer: Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1000xy + 2000. Tammy’s utility function is U(x, y) = xy(1?xy). Oral’s utility function is U(x, y) = ?1/(10 +xy). Billy’s utility function is U(x, y) = x/y. Pat’s utility function is U(x, y) = xy. a. No two of these people have the same preferences. b. They all have the same preferences except for Billy. c. Jim, Jerry, and Pat all have the same indifference curves, but Jerry and Oral are the only ones with the same preferences as Jim. d. Jim, Tammy, and Oral all have the same preferences. 1 e. None of the above.

Solution

Answer:

Correct option: (a) No two of these people have the same preferences

Reason: The utility function of each individual is different.

If we take a consumption bundle (10,5)

Then utility of each individual will come out to be different

Jim: 50

Jerry: 52000

Tammy: 2450

Oral: -0.016

Billy: 2

Pat: -50