If James Has a Utility Curve Characterized by the Function

question 23

Essay

If James has a utility curve characterized by the function of U = 2X³ Y²,what is his marginal rate of substitution between goods X and Y?

---

Definitions:

Conscience

A sense or internal monologue that serves as an advisor on the morality of an individual's actions.

Superego

In Freudian psychoanalytic theory, this part of the personality is responsible for moral standards and ideals, often contrasting with the id.

Freud

An Austrian neurologist named Sigmund Freud established the practice of psychoanalysis, which is a technique for treating mental illnesses by facilitating dialogue between a psychoanalyst and a patient.

Defense Mechanism

Psychological strategies brought into play by individuals or the ego to cope with reality and to maintain self-image by reducing anxiety arising from unacceptable thoughts or feelings.