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Q1) Assume the individual has utility function u(x1, x2)= (x1)^(1/2) (x2)^(1/2). Present your mathematical expressions below in simplest form you can.

a) Deduce the expression for marginal utility of good 1, and for marginal utility of good 2.

b) Using these, solve for expression describeing the slope of indifference curve: MRS(x1,x2).

c) Draw indifference curves for this consumer corresponding to u=0,10,20.(Hint: (x1)^(1/2) (x2)^(1/2)=k solves for (x2)^(1/2)=k/( x1)^(1/2)........Solve this expression and approximate it on graph for three values of k.)

Microeconomics, Economics

  • Category:- Microeconomics
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