8. Kellys utility function is given by U = 5X + 2Y, where M U X =

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8. Kelly’s utility function is given by U = 5X + 2Y, where M U X = 5 and M U Y = 2.

a. What is MR S XY ?

b. What is MR S XY when X = 1 and Y = 5?

When X = 2 and Y = 2.5?

c. Draw a sample indifference curve.

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Microeconomics

ISBN: 9780716759751

1st Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Oct 16, 2024 01:00 AM

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8. Kellys utility function is given by U = 5X + 2Y, where M U X =

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Microeconomics

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