Which of the following utility functions represents preferences over consumption bundles (X, Y) that violate the assumption of diminishing MRS? (a) U(X, Y) = 3 ln(X) + 5 ln(Y) (b) U(X,Y) = X² +Y² (c) U(X,Y) = XY (d) U(X,Y) = X² + y² (e) U(X,Y) = X¹y³
Which of the following utility functions represents preferences over consumption bundles (X, Y) that violate the assumption of diminishing MRS? (a) U(X, Y) = 3 ln(X) + 5 ln(Y) (b) U(X,Y) = X² +Y² (c) U(X,Y) = XY (d) U(X,Y) = X² + y² (e) U(X,Y) = X¹y³
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Which of the following utility functions represents preferences over consumption bundles
(X, Y) that violate the assumption of diminishing MRS?
(a) U(X,Y) = 3 ln(X) + 5 ln(Y)
(b) U(X,Y) = X² + y²
(c) U(X, Y) = XY
(d) U(X,Y) = X² + Y²
(e) U(X, Y) = X¹Y³](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37708386-d0d8-46c3-a2d8-8e337c754037%2Fc3408162-555a-447e-a1b5-3b8c8251a27a%2Fcrs0gcw_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following utility functions represents preferences over consumption bundles
(X, Y) that violate the assumption of diminishing MRS?
(a) U(X,Y) = 3 ln(X) + 5 ln(Y)
(b) U(X,Y) = X² + y²
(c) U(X, Y) = XY
(d) U(X,Y) = X² + Y²
(e) U(X, Y) = X¹Y³
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