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Hi, can you please help me solve this problem set? It has three parts. Thank you in advance. Problem 2 1 1. Consider the following
Hi, can you please help me solve this problem set? It has three parts.
Thank you in advance.
Problem 2 1 1. Consider the following CES utility function: u (2 ) = [323 + 2 212. . Show that the function is homothetic. . Draw one indifference curve. . Compute the marginal rate of substitution. 2. Consider the function: u(x) = 3in(21) + x2. . Show that the function is quasilinear. . Draw one indifference curve. . Compute the marginal rate of substitution. 3. Consider the function: u(x) = 3x1 + 22. . Draw one indifference curve. . Compute the marginal rate of substitutionStep by Step Solution
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