3) Illustrate the following utility functions by sketching indifference curves in the X,Y space: (Need not be to scale as long as the general shape is reasonable) (a) U(X,Y) = 2X + 3Y (perfect substitutes) (b) U(X,Y) = X1/2Y 1/2 (Cobb-Douglas) (c) Derive the expression for the Marginal Rate of Substitution for the utility functions above.

3) Illustrate the following utility functions by sketching indifference curves in the X,Y space: (Need not be to scale as long as the general shape is reasonable) (a) U(X,Y) = 2X + 3Y (perfect substitutes) (b) U(X,Y) = X1/2Y 1/2 (Cobb-Douglas) (c) Derive the expression for the Marginal Rate of Substitution for the utility functions above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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