Lui's utility function is U(x,y) = x9 y. Find the value at the bundle (x,y) =(4,2) of the derivative of Lui's MRS (of good X in terms of good Y) with respect to x whose sign can inform us whether his indifference curves are concave or convex given x>0 and y>0. Then enter this value below.

Lui's utility function is U(x,y) = x9 y. Find the value at the bundle (x,y) =(4,2) of the derivative of Lui's MRS (of good X in terms of good Y) with respect to x whose sign can inform us whether his indifference curves are concave or convex given x>0 and y>0. Then enter this value below.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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