1. Find the MUx, MUy , and MRS equations for each of the following utility functions. Which of the below utility functions exhibit diminishing MRS? (That is, which of the below yield convex indifference curves?). U = x0.6y0.4. U = x2 + y² X,y>0. U = 2x + 4y.

1. Find the MUx, MUy , and MRS equations for each of the following utility functions. Which of the below utility functions exhibit diminishing MRS? (That is, which of the below yield convex indifference curves?). U = x0.6y0.4. U = x2 + y² X,y>0. U = 2x + 4y.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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