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Q1: Cobb-Douglas: Let U = X 1/4 Y 3/4 Rank the bundles (10, 0), (0,10), (5,5,) and (6,4) Draw the indifference curve through (5,5) Calculate
Q1: Cobb-Douglas: Let U = X1/4Y3/4
- Rank the bundles (10, 0), (0,10), (5,5,) and (6,4)
- Draw the indifference curve through (5,5)
- Calculate the MRS at bundles(10, 0), (0,10), (5,5), and (6,4)
- Is this utility function Convex? Show and explain.
- Is this utility function Monotonic? Show and explain.
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Business Statistics For Contemporary Decision Making
Authors: Ken Black
9th edition
978-1-119-3208, 9781119334781, 1119334780, 1119320895, 978-1119320890
