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The given utility function is U = X 1 2 + 2X 2 2 ; Calculatethe MRS X1X2 and interpret the computed value. [Budget Line]

The given utility function isU = X₁²+ 2X₂²; Calculatethe MRS_X1X2and interpret the computed value.

[Budget Line] SupposeP_X1= 1, P_X2= 2, andI=4,compute forthe cross-price elasticity of demand for good X₂andexplainits relationship with the other good based on the computation.

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