Question: 2. (25) Suppose that Michael has preferences over Lego sets (L) and Pokemon cards (C). (a) {5) If Michael's preferences are given by: U(L,C') =

2. (25) Suppose that Michael has preferences over Lego sets (L) and Pokemon cards (C). (a) {5) If Michael's preferences are given by: U(L,C') = 2L%C% What is his marginal utility of L? What is his marginal utility of C? What is the marginal rate of substitution? Label your answers M U L, M U0, and M RS no: respectively. (b) {2.5) If1 instead1 Michael's preferences were given by: U(L, C) = motici What is his marginal utility of L? What is his marginal utility of C? What is the marginal rate of substitution? Label your answers M U L, M U0, and M RS 14,-, respectively

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