Question: 8. Kellys utility function is given by U = 5X + 2Y, where M U X = 5 and M U Y = 2. a.

8. Kelly’s utility function is given by U = 5X + 2Y, where M U X = 5 and M U Y = 2.

a. What is MR S XY ?

b. What is MR S XY when X = 1 and Y = 5?

When X = 2 and Y = 2.5?

c. Draw a sample indifference curve.

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