Essay
Consider the following utility function:
U(x, y)= 2x + 3y
a)Draw the indifference curve associated with utility numbers 12 and 24.
b)How does MRS change as we move from one indifference curve to another along the horizontal line y = 2? What about when y = 3?
Correct Answer:
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a)Indifference curves are downward slopi...View Answer
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