[All Steps] Consider the following utility functions: U(x, y)=x y U(x, y)=x^2 y^2 U(x, y)=ln x+ln y Show that each oft hese has a diminishing MRS, but that
Question: Consider the following utility functions:
- \(U(x, y)=x y\)
- \(U(x, y)=x^{2} y^{2}\)
- \(U(x, y)=\ln x+\ln y\)
Show that each oft hese has a diminishing MRS, but that they exhibit constant increasing, and decreasing marginal utility, respectively.
Deliverable: Word Document 
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