1. Given the utility function 1/2 1/3 U = X X au au Determine the value...

 

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1. Given the utility function 1/2 1/3 U = X₁ X₂ au au Determine the value of marginal utilities and at the point (25,8). Hence дх1 ????хz (a) estimate the change in utility when both x₁ and x₂ increase by 1 unit (b) find MRCS at this point. Given the utility function U = X1 Determine the value of marginal utilities and at the point (25,8). Hence?? (a) estimate the change in utility when both X₁ and x₂ increase by 1 unit? (b) find MRCS at this point. 1/21/3 'X₂' 1. Given the utility function 1/2 1/3 U = X₁ X₂ au au Determine the value of marginal utilities and at the point (25,8). Hence дх1 ????хz (a) estimate the change in utility when both x₁ and x₂ increase by 1 unit (b) find MRCS at this point. Given the utility function U = X1 Determine the value of marginal utilities and at the point (25,8). Hence?? (a) estimate the change in utility when both X₁ and x₂ increase by 1 unit? (b) find MRCS at this point. 1/21/3 'X₂'

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To determine the value of marginal utilities and the slope of the marginal rate of commodity substit... View the full answer