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[3 points] Given the utility function: U(x,y) = , where x and y are goods and 1/3 and 2/3 are constants, and Obtain the Marginal
- [3 points] Given the utility function: U(x,y) = , where x and y are goods and 1/3 and 2/3 are constants,
and
- Obtain the Marginal Rate of Substitution MRSxy.
- (non technical) what does the MRS for this utility function tell us?
- Graph 2 indifference curves U=10 and U =14, (with at least 3 bundles for each)
- [2 points] Given the utility function: U(x,y) = min{4x, 1/2y}, graph three indifference curves for utility level
U=4, U=8 and U=16. Make sure all relevant information if on the graph.
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