The question is: Draw the indifference curve diagrams for the utility functions listed below. Plot ?? on the horizontal axis and ?? on the vertical axis. In each diagram, draw at least two indifference curves and show in which direction utility is increasing.
Marginal Rate of Technical Substitution
MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.
Preferences and Utility Analysis
Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.
The question is:
Draw the indifference curve diagrams for the utility functions listed below. Plot ?? on the horizontal axis and ?? on the vertical axis. In each diagram, draw at least two indifference curves and show in which direction utility is increasing.
Could you please do 1d?
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