Consider the Following Utility Functions

question 30

Essay

Consider the following utility functions:
i)U(x, y)= xy^1/2
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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Definitions:

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