Question: Bettina's preferences are represented by the utility function U(X, Y) = X 2 + XY.Assume her levels of consumption are X = 10, Y =

  1. Bettina's preferences are represented by the utility function U(X, Y) = X2+ XY.Assume her levels of consumption are X = 10, Y = 3.Figure out which marginal utility is higher (with respect to X or with respect to Y), then as your answer enter the value of the higher marginal utility.
  2. Edward has utility function U(X, Y) = XY. If his utility level is at 120, what is the slope of his indifference curve when X = 5?
  3. Amanda has utility function U(X, Y) = XY3. What is her utility level when she consumes bundle (X = 4, Y = 3)?
  4. Patrick's preferences can be represented by U = 4X5Y7. Compute the slope of his indifference curve when X = 10, Y = 8.
  5. Victor's preferences can be represented by utility function U = 2XY and he is indifferent between baskets A and B. What is the value of Y*?

Basket A = (Xa = 15, Ya =18)Basket B = (Xb = 12, Yb = Y*)

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