For each of the following utility functions calculate or, Ask an Expert

Economics

For each of the following utility functions, calculate (or figure out) the MRS and sketch out an indifference curve for U=4, plotting at least 2 points on each curve, and explain whether the preferences violate the diminishing MRS or convexity of indifference curves. Also make clear if the indifference curve hits the x and/or y axis.

a) U(x, y) = 2ln x + (ln y)/2

b) U (x ,y) =2 x+(1/2)y

c) U(x, y) = min(2x, y/2)

d) U(x, y) =2sqrt( x) + y/2

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707386

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