Question suppose the utility function for a consumer is, Ask an Expert

Economics

Question: Suppose the utility function for a consumer is given by U = 5XY. X is the amount of Good X and Y is the amount of Good Y.

A) Neatly sketch the utility function

B) Does this utility function exhibit diminishing marginal utility?

C) Calculate the marginal rate of substitution

D) Sketch two indifference curves based on the utility function above.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M93127026

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