Solution) Suppose that U = x^2y3. For this function MUx = 2xy3 and MUy = 3x^2y2 a. Is marginal utility decreas
Question: Suppose that U = x2y3. For this function MUx = 2xy3 and MUy = 3x2y2
a. Is marginal utility decreasing? Explain.
b. Is the marginal rate of substitution between x and y decreasing? Explain
c. What properties do the underlying preferences obey?
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