Question
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph toindicate the given bundle,andaccurately draw the indifference curvethat goes through that bundle.Be sure to label you graph carefully and accurately.In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis.
a) The consumers utility function is given by U(X,Y) = X1/2*Y1/2, and the given bundle is X = 4 and Y = 9.
i) MRS = __________________________________________________
ii) For this graph, scale each axis up to 36.Do not go above 36 on either axis.Draw your graph in this space:
b) The consumers utility function is given by U(X,Y) = MIN(3X, Y), and the given bundle is X = 5 and Y = 6.
i) MRS = __________________________________________________
ii) Draw your graph in this space:
c) The consumers utility function is given by U(X,Y) = 3X + 2Y and the given bundle is X = 4 and Y = 3.
i) MRS = __________________________________________________
ii) Draw your graph in this space:
please show work if you can
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