a) Graph the indifference curve for U 25 b) Derive the MUx and MUy c) Derive...
a) Graph the indifference curves for U 12 and U-16 b) Derive the MUx and MUy c) Derive the MRSy d) Does the MRSxy diminish as x increases?
a) Derive the MUx and MUy b) Derive the MRSy
Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 e) On a graph with x on the horizontal axis and y on the vertical axis, draw a typical indifference curve (it is not exactly to scale, but it needs to reflect accurately whether there is a diminishing MRS x,y). Also, indicate on your graph whether the indifference curve will intersect either or both exes. label the curve U1. f) on the same graph draw a second indifference curve...
Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that more is better satisfied for both goods b) Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain. c)What is MRS x,y? d) Is MRS x,y diminishing, constant, or increasing as the consumer substitutes x for y along an indifference curve? e) On a graph with x on the horizontal axis and y on the vertical...
Consider the utility function U(x,y) = 3x+y, with MUx=3 and MUy=1 a) Is the assumption that more is better satisfied for both goods b) Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain. c)What is MRS x,y? d) Is MRS x,y diminishing, constant, or increasing as the consumer substitutes x for y along an indifference curve? e) On a graph with x on the horizontal axis and y on the vertical...
For each of the following utility functions: Calculate MUx, MUy, MRSx,y; determine whether or not the property of “more is better” is satisfied for both goods; determine whether or not the marginal utility of x diminishes, remains constant, or increases as the consumer buys more x; determine whether or not the marginal rate of substitution diminishes, remains constant, or increases as the consumer substitutes x for y along an indifference curve; and sketch the graph of a typical indifference curve....
Calculate MUx, MUy, MRSx,y; determine whether or not the property of “more is better” is satisfied for both goods; determine whether or not the marginal utility of x diminishes, remains constant, or increases as the consumer buys more x; determine whether or not the marginal rate of substitution diminishes, remains constant, or increases as the consumer substitutes x for y along an indifference curve; and sketch the graph of a typical indifference curve. U(x,y)=xy+x
Assume U = 0SX0.75Y2, MUx = 0.375x-025. and MU,-X0.75Y. 1. Draw an indifference curve for U-100. Be sure to label the points where Y 2 and Y-5. Both the X and Y coordinates on these points must be clearly labeled. 2. What is the MRSxy at the points you labeled for Y 2 and Y 5? 3. what is the MRSyx at the points you labeled for Y = 2 and Y = 5? 4. How much Y does the...
U (x, y) = 3x3 + 6y3 a)Calculate MUx and MUy. b) Do the consumer’s preferences exhibit a diminishing marginal utility for each good? c) Calculate MRSx,y. d) Do the consumer’s preferences exhibit a diminishing marginal rate of substitution of x?
U (x, y) = 3x3/4 + 3y a)Calculate MUx and MUy. b) Do the consumer’s preferences exhibit a diminishing marginal utility for each good? c) Calculate MRSx,y. d) Do the consumer’s preferences exhibit a diminishing marginal rate of substitution of x?