Consider the utility function U(X, Y) = X2/3 Y1/3. a. For the points X = 1, 5,

Question:

Consider the utility function U(X, Y) = X2/3 Y1/3.
a. For the points X = 1, 5, 10, and 20, find the amount of Y such that the pair (X, Y) lies on the indifference curve associated with U = 10.
b. Calculate MRS for X with Y at each of these points.
c. Graph the indifference curve from part (a), as well as the tangent lines for each bundle listed in part (b), indicating the slope of each.