7. Charlie has the utility function U (91, 92) = 992. (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be sure to simplify the equation where possible. 8. Dennis has the utility function U (91, 92) = 91 92 (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be sure to simplify the equation where possible. 9. Lewis from La Jolla consumes food and housing. He has a utility function of U(F,H) = F1/3H2/3, where F is the quantity of food and H is the quantity of housing. Treat F as the horizontal axis good. Find Lewis's MRS.
7. Charlie has the utility function U (91, 92) = 992. (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be sure to simplify the equation where possible. 8. Dennis has the utility function U (91, 92) = 91 92 (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be sure to simplify the equation where possible. 9. Lewis from La Jolla consumes food and housing. He has a utility function of U(F,H) = F1/3H2/3, where F is the quantity of food and H is the quantity of housing. Treat F as the horizontal axis good. Find Lewis's MRS.
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.8P
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Transcribed Image Text:7. Charlie has the utility function U (91, 92) = 992. (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be
sure to simplify the equation where possible.
8. Dennis has the utility function U (91, 92) = 91 92 (i) Compute the marginal utilities and. (ii) Compute the marginal rate of substitution (MRS). Be
sure to simplify the equation where possible.
9. Lewis from La Jolla consumes food and housing. He has a utility function of U(F,H) = F1/3H2/3, where F is the quantity of food and H is the quantity
of housing. Treat F as the horizontal axis good. Find Lewis's MRS.
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