Microeconomics
2nd Edition
ISBN: 9780073375854
Author: B. Douglas Bernheim, Michael Whinston
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 4, Problem 8CP
a)
To determine
Whether the utility function
b)
To determine
The consumer’s marginal rate of substitution at the bundle (X, Y).
c)
To determine
The given consumer’s preferences and the declining MRS property.
d)
To determine
The presence of perfect substitutes, when R = 1.
e)
To determine
The preferences associated with the given utility function and the Cobb-Douglas utility function.
f)
To determine
The case of perfect compliments, when R approaches -∞.
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