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Suppose a consumer's preferences over x1 and x2 can be represented by the utility function U(x 1 , x 2 ) = 6x 1 1/3
Suppose a consumer's preferences over x1 and x2 can be represented by the utility function U(x1, x2) = 6x11/3+ x2.
Are these preferences consistent with the hypothesis of diminishing MRS?
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