[Solution] Consider the utility function U(x, y)=3 x^2+5 y with M U_x=6 x and M U_y=5. Is the assumption that 'more is better' satisfied for both goods?
Question: Consider the utility function \(U(x, y)=3 x^{2}+5 y\) with \(M U_{x}=6 x\) and \(M U_{y}=5\).
- Is the assumption that 'more is better' satisfied for both goods?
- What is \(M R S_{x, y}\) for this utility function?
- Is the \(M R S_{x, y}\) diminishing, constant, or increasing as the consumer substitutes \(x\) for \(y\) along an indifference curve?
- Will the indifference curve corresponding to this utility function be convex to the origin, concave to the origin. or straight lines? Explain.
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