For the two good utility function u x2y2a is the, Ask an Expert

Economics

For the two good utility function: U = x^2y^2

a) Is the assumption that more is better satisfied for both goods?

b) Does this consumer’s preferences exhibit diminishing marginal utility of X?

c) Does this consumer’s preferences exhibit diminishing marginal utility of Y?

d) What is the MRSx,y?

e) Is the MRSx,y diminishing with respect to x? Use math to verify your answer.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91529279

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