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Y7 For each of the production and utility functions given below, calculate (a) An equation and sketch of the PPF (label the intercepts) (b) The

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Y7

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For each of the production and utility functions given below, calculate (a) An equation and sketch of the PPF (label the intercepts) (b) The Rate of Product Transformation (RPT) (c) The Marginal Rate of Substitution (MRS) (d) The equilibrium price and quantity of each good 1. U(x, y) = x1/2y1/2 1/2 1/2 y = Ly L = 200 2. The same as 1 except U(x, y) = x1/31/2/3

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