Sketch two of camilles indifference curves. make sure all, Ask an Expert

Economics

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?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M942134

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