Essay
Consider the following utility functions:
i)U(x, y)= xy1/2
ii)U(x, y)= 10xy
iii)U(x, y)= 3x + 4y
iv)U(x, y)= 2x + ln(y)
v)U(x, y)= x3
a)Construct an indifference curve for each of these functions.
b)Calculate the MRS for each of these functions. (Calculus required)
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a)i), ii)and iv)indifference curve are s...View Answer
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