Question: Consider the utility function: U (X, Y) = ln(X) + B ln (Y) where ln indicates the natural logarithm. a. Calculate MUX,

Consider the utility function: U (X, Y) = α × ln(X) + B × ln (Y) where ln indicates the natural logarithm.
a. Calculate MUX, MUY, and MRSXY.
b. Compare the formula for MRSXY to the corresponding formula for Cobb-Douglas utility. How do the indifference curves for these two types of utility functions compare? In what way (if any) do they represent different preferences?

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