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Question 2 (a) U(x,y) = 3y +2xy (b) U(x,y) = 3x + y (c) U(x,y) = x1/23/2 (d) U(x,y) = x2 (e) U(x,y) = min(3x,5y)
Question 2 (a) U(x,y) = 3y +2xy (b) U(x,y) = 3x + y (c) U(x,y) = x1/23/2 (d) U(x,y) = x2 (e) U(x,y) = min(3x,5y) (f) U(x, y) = 2x - 3y- (i) For each of the above utility functions, draw each consumer's indifferent curves through (x=1,y=1) and (x=2,y=2). (ii) Find the Marginal Rate of Substitution (MRS) between x and y for each of the above utility functions. Is MRS increasing or decreasing? (iii) Do the above utility functions satisfy the assumptions of completeness, transitivity and more is better
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