Consider the utility function: U(X, Y) = X + Y1/3. a. Calculate MUX, MUY, and MRSXY in
Question:
a. Calculate MUX, MUY, and MRSXY in terms of X and Y.
b. Three bundles lie on the indifference curve associated with U = 1. These bundles contain 0, 1/2, and 1 unit of X, respectively. How many units of Y does each bundle contain?
c. Calculate the MRSXY for each of the bundles in part (b) using the formula you derived in part (a).
d. Graph the indifference curve from part (b) along with the tangent lines for each of the three bundles, indicating the slope of each.
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a MU X 1 MU Y Y 23 MRS XY 3 Y 23 b We obtain the follow...View the full answer
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