Question: 1.If a consumer has preferences where for all bundles A and B, if A has at least as much of each good as B, and

1.If a consumer has preferences where for all bundles A and B, if A has at least as much of each good as B, and has has more of some good than B, then the consumer prefers A to B, this consumer's preferences satisfy

Transitivity

More is Better

Completeness

2.If a consumer's utility function is given by 5X + 5Y, what is theabsolute valueof the consumer's MRS when X = 8 and Y =1?Round your answer to 4 decimal places.

3.Suppose a consumer's utility function is given by U(X,Y) = X2/3Y1/3.Find theabsolute valueof the MRS when X = 16 and Y = 16.Round your answer to 4 decimal places.

4.If a consumer has a Cobb-Douglas Utility Function, which of the following statements are true (mark all that are true)?

Maximizing utility subject to a budget constraint is a necessary condition for MRS = MRT.

Maximizing utility subject to a budget constraint is a sufficient condition for MRS = MRT

MRS = MRT is. necessary condition for maximizing utility subject to a budget constraint.

MRS = MRT is a sufficient condition for maximizing utility subject to a budget constraint.

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