For each of the following functions, i) pick three utility levels and draw the precise indifference curves that are associated with the levels of your choice, ii) label the utility level of the lines -- you cannot just draw random lines and assign arbitrary utility levels, and iii) give the name of preferences they represent (hint: see figures in textbook chapter 3). u(x1,x2)=x1+2x2 u(x1,x2)=min(x1,x2) u(x1,x2)=x1 u(x1,x2)=x1−x2 u(x1,x2)=x1x2√ u(x1,x2)=−{(x1−3)2+(x2−2)2}

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.