U (x, y) = 3x3 + 6y3 a)Calculate MUx and MUy. b) Do the consumer’s preferences...
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?
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U (x, y) = 3x3 + 6y3
a)Calculate MUx and MUy.
b) Do the consumer’s preferences...
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For each of the following utility functions (a-d), answer the following questions (i-iv) i) Calculate MUz and MUy ii) Do the consumer 's preferences exhibit a diminishing marginal utility for each good? iii) Calculate MRSa,y iv) Do the consumer's preferences exhibit a diminishing marginal rate of substitution of x? (al U (x,y) = 3x2/5y3/5 (b) (x,y)= 2x2/3+y (c) (x,y)= 12x3/2y1/2 3
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