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Suppose we have the following utility function: U(x,y)=x-33 y- 1) What is the Marginal utility of x? Marginal utility of y? 2) Comment on how

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Suppose we have the following utility function: U(x,y)=x-33 y-" 1) What is the Marginal utility of x? Marginal utility of y? 2) Comment on how the marginal utility of each changes. as x increases and discuss why that makes sense. 3) Does this utility function follow the more is better rule? How do you know? 4) What is the marginal rate of substitution (MRS)? What do we know about the shape of the indifference curve given this MRS? 5) Now suppose we have a new utility function: U(x,y)=x+y. What type of goods are these? Explain. 6) (From the math review), discuss why the second order condition for a maximizing point is that the second derivative is negative. Similarly, discuss why the second order condition for a minimum is that the second derivative is positive

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