1. For each of the following utility functions (a-d), answe the following questions (i-iv): ts i) Calculate MU, and MUy. ii) Do the consumer's preferences exhibit a diminishin marginal utility for each good? iii) Calculate MRSry. iv) Do the consumer's preferences exhibit a diminishin marginal rate of substitution of ? 58 (a) U (x,y) = 5x /3y /:. (b) U (x, y) = 3 74 + 3y. (c) U (x, y) = Axl/By1/4. tS (d) U (ry) = 313 + 6y3 1458 m 2. Let basket A be (x, y) = (4,3). For each of the followin utility functions (a-d), answer the following questions ( iv): i) Determine the utility at basket A KO ii) Write out the equation for the indifference curve tha basket A lies on. (simplify to y equals some function of I) iii) Find 3 other points that lie on the same indifferenc curve as A. US iv) Calculate the MRS. at basket A and give an eco nomic interpretation of what the means in words. (a) U (r, y) = 9ry. (b) U (x, y) = 203 + 5y2. (c) U (x, y) = 6x/7 + y. (d) U (x, y) = 8 + 7y. ders4458