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Consider a utility function: U(x 1 ,x 2 )=log(x 1 )+log(x 2 ) 1 - Need to Find the MRS of this utility function as
Consider a utility function:
U(x1,x2)=log(x1)+log(x2)
1 - Need to Find the MRS of this utility function as a function ofx1 and x2
2 - Need to state thetangency conditiongiven this utility function in terms of(p1,p2,x1,x2).
3- Following part 2, suppose that the income is m. Need to find the demand of x1in terms of (p1,p2,m).
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