For each of the following utility functions (i) derive the equations describing the indifference curves; (ii) draw indifference curve and upper contour set at a point (10, 5), is it convex?; (iii) compute MRS at a point (5, 5) when it exists (MRS does not exist at a kink of an indifference curve) : (a) u(x, y) = r+ V

For each of the following utility functions (i) derive the equations describing the indifference curves; (ii) draw indifference curve and upper contour set at a point (10, 5), is it convex?; (iii) compute MRS at a point (5, 5) when it exists (MRS does not exist at a kink of an indifference curve) : (a) u(x, y) = r+ V

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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