QUESTION 1 1 points Save Answer Victor's preferences can be represented by utility function U = 2XY and he is indifferent between baskets A and B. What is the value of Y*? Basket A = (Xa = 15, Ya = 18) Basket B = (Xb = 12, Yb = Y*) QUESTION 2 1 points Save Answer Let Tom's utility function be U(X, Y) = 3X0.3Y0. 7. Which of the following is true? O He prefers the bundle (X = 1, Y = 12) to the bundle (X = 2, Y = 11). His marginal rate of substitution for X with Y is (9X)/(7Y). His marginal utility with respect to X is increasing in X (as X increases, the marginal utility of X increases). O His marginal utility with respect to X is increasing in Y (as Y increases, the marginal utility of X increases). QUESTION 3 1 points Save Answer Jack has utility function U = 2XY. Right now, he has X = 5, Y = 12. Where X is loaves of bread and Y is jars of jam. Select the correct statement: O His preferences are of the Perfect Substitutes type, since both X and Y can increase his utility. O His MRSxy would decrease if his consumption went to X = 10, Y =24. It's a consequence of the Diminishing Marginal Rate of Substitution assumption. His preferences are of the Cobb-Douglas type. O His preferences are of the Perfect Complements type, since bread and jam go great together