Can you help me answer these 2 questions tion 8 (Utility). Suppose a consumer's utility function is given by U(x₁, x2)=X1*X2a) Draw an indifference curve with a value of 10 and an indifference curve with a value of 16. Label twopoints on each indifference curve as well as the axes.10+16VIU₂with respect to What is theWhat is the marginal utility with respect to x,₁? What is the magial utility of x2 is louh temarginal utility of x, and x2 at the point (10, 5)? the morginX₂ is ks. So the marginal utility of toy andaz of the point (10,5) arex₂ = 10 while x₂=5²n 9 (Utility). A consumer's indifference curve representing a utility of 10 is given in the following graph

Answered: ion 8 (Utility). Suppose a consumer's…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Can you help me answer these 2 questions

tion 8 (Utility). Suppose a consumer's utility function is given by U(x₁, x2)=X1*X2
a) Draw an indifference curve with a value of 10 and an indifference curve with a value of 16. Label two
points on each indifference curve as well as the axes.
10
+16
VI
U₂
with respect to What is the
What is the marginal utility with respect to x,₁? What is the magial utility of x2 is louh te
marginal utility of x, and x2 at the point (10, 5)? the morgin
X₂ is ks. So the marginal utility of toy andaz of the point (10,5) are
x₂ = 10 while x₂=5²
n 9 (Utility). A consumer's indifference curve representing a utility of 10 is given in the following graph

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Introduction

An indifference curve (IC) is a mathematical representation of a collection of products that give consumers comparable levels of satisfaction, leading to their indifference. A consumer or person is indifferent between the two components at each point just on the indifference curve (IC) because they provide the same kind of benefit.
And, a consumer's increased enjoyment from owning one extra unit of a product or service is known as marginal utility. Economists utilize the idea of marginal utility to estimate how much of a given good buyers are willing to buy.

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