The following utility function is known as CES (constant elasticity of substitution) function: U(x,y)=(x^ + y^)^(1/), where >0, >0

b) How does the MRSx,y depend on the ratio x/y? Specifically, show that the MRSx,y is strictly decreasing in the ratio x/y for all values < 1, increasing in the ratio x/y for all values > 1 and constant for = 1. (Hint: take the derivative of the MRS with respect to the ratio x/y as z = x/y and take the derivative with respect to z)