Consider the following utility function U (X,Y) = X÷Yi. What is the name for a utility function of this form? O Perfect substitutes O Fixed proportion O Cobb-Douglas O Negative exponential b. Fix a utility level U = 10. Fill in the blanks below. Instructions: Round your answers to 2 decimal places and enter your result for the MRS as a negative number. When X= 10, then Y= The corresponding marginal utility of X is , the marginal utility of Y is and the marginal rate of substitution for X with Y is
Consider the following utility function U (X,Y) = X÷Yi. What is the name for a utility function of this form? O Perfect substitutes O Fixed proportion O Cobb-Douglas O Negative exponential b. Fix a utility level U = 10. Fill in the blanks below. Instructions: Round your answers to 2 decimal places and enter your result for the MRS as a negative number. When X= 10, then Y= The corresponding marginal utility of X is , the marginal utility of Y is and the marginal rate of substitution for X with Y is
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 3SQP
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