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For each of the utility functions below, 1) find the marginal utility from x (MUx) and the marginal utility from y (MUy); 2) find the
For each of the utility functions below, 1) find the marginal utility from x (MUx) and the marginal utility from y (MUy); 2) find the Marginal Rate of Substitution (MRS); 3) in a separate X/Y diagram, draw the indifference curve when U(x,y) = 100; 4) Assess if it represents convex or non-convex preferences. a) Ua(x,y) = x0.5 0.5 b ) Ub( x, y) = x0.5 + yo.5 c) Uc(x,y) = x2 + y2
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