Math Solutions

[See Steps] QUESTION: Suppose that U = x 2 y 3 . For this function MUx = 2xy 3 and MUy = 3x 2 y 2 Is marginal utility decreasing? Explain. Is the marginal

QUESTION: Suppose that U = x 2 y 3 . For this function MUx = 2xy 3 and MUy = 3x 2 y 2

  1. Is marginal utility decreasing? Explain.
  2. Is the marginal rate of substitution between x and y decreasing? Explain
  3. What properties do the underlying preferences obey?

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