The satisfaction gained by consuming x units of good 1 and y units of good 2 is
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The satisfaction gained by consuming x units of good 1 and y units of good 2 is measured by the utility function U = 2x2 + 5y3 Currently an individual consumes 20 units of good 1 and 8 units of good 2.
(a) Find the marginal utility of good 1 and hence estimate the increase in satisfaction gained from consuming one more unit of good 1.
(b) Find the marginal utility of good 2 and hence estimate the increase in satisfaction gained from consuming one more unit of good 2.
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