A consumer's utility for X and Y, which are selling at market prices of $2 and $3, respectively is expressed as U(X, Y) = 10x^(.25) y^(.75)a- Marginal utility of X is .................................. What does it mean? ...........................................
b- Marginal utility of Y is ....................... What does it mean? ......................................................
c- Marginal rate of substitution of X for Y is ............. What does it mean? ..................................
d- With an income of $60, the consumer will buy ................ units of X.
e- With an income of $60, the consumer will buy ................ units of Y.
f- If the price of X changes to $3, how many units of X and Y will he buy? ........................
g- What is the elasticity of demand for X between the two prices $2 and $3? ......................