Question
For each of the following utility functions, what is the marginal utility of x? What is the marginal utility of y? What is the marginal
For each of the following utility functions, what is the marginal utility of x? What is the marginal utility of y? What is the marginal rate of substitution MRS? What is the equation (y as a function of x) for the indifference curve corresponding to 5units of utility? What is the equation for the indifference curve corresponding toU= 10?
(a)U(x, y) = 10x+ 7y
(b)U(x, y) = 2 ln(x) + ln(2y)
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Economics Today The Macro View
Authors: Roger LeRoy Miller
18th Edition
0133884872, 978-0133884876
