Consider the following utility function U (X,Y) = X÷Yi. What is the name for a utility function of this form? O Perfect substitutes O Fixed proportion O Cobb-Douglas O Negative exponential b. Fix a utility level U = 10. Fill in the blanks below. Instructions: Round your answers to 2 decimal places and enter your result for the MRS as a negative number. When X= 10, then Y= The corresponding marginal utility of X is , the marginal utility of Y is and the marginal rate of substitution for X with Y is

Consider the following utility function U (X,Y) = X÷Yi. What is the name for a utility function of this form? O Perfect substitutes O Fixed proportion O Cobb-Douglas O Negative exponential b. Fix a utility level U = 10. Fill in the blanks below. Instructions: Round your answers to 2 decimal places and enter your result for the MRS as a negative number. When X= 10, then Y= The corresponding marginal utility of X is , the marginal utility of Y is and the marginal rate of substitution for X with Y is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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