question archive For each of the following utility functions (a-d), answer the following questions (i- iv): i) Determine the utility at basket A ii) Write out the equation for the indifference curve that basket A lies on
For each of the following utility functions (a-d), answer the following questions (i- iv): i) Determine the utility at basket A ii) Write out the equation for the indifference curve that basket A lies on
Subject:EconomicsPrice: Bought3
For each of the following utility functions (a-d), answer the following questions (i- iv): i) Determine the utility at basket A ii) Write out the equation for the indifference curve that basket A lies on. (simplify to y equals some function of r) iii) Find 3 other points that lie on the same indifference curve as A (can contain fractions or decimals). iv) Calculate the MRS y at basket A and give an eco- nomic interpretation of what the means in words. (a) U (.x,y) = 3.ry. (b) U (x, y) = 10.2 + 2y2. (c) U (x", y) = 11.8V/2 + 7y. (d) U (r, y) = 12.: +8y.
