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John's preferences for good X and good Y are described by the following utility function:U(X, Y) = XY^2where X and Y are the respective amounts
John's preferences for good X and good Y are described by the following utility function:U(X, Y) = XY^2where X and Y are the respective amounts of good X and good Y John consumes.The following are the formulas for John's marginal utilities:MUx = Y^2andMUy = 2XY
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