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Camille's utility function is given by U = 2X + 5Y.

a. Sketch two of Camille's indifference curves. Make sure all relevant pieces of information are identified in your diagram.

b. Is the concept of "more is better" satisfied for both goods? describe.

c. In non-technical terms, what does the MRSX,Y for this utility function tells us?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942134

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