Question: Can you explain the steps for each if possible. 1. Use the following two-good utility functions to answer parts a) through d). (1) U(x, y)

Can you explain the steps for each if possible. 1. Use

Can you explain the steps for each if possible.

1. Use the following two-good utility functions to answer parts a) through d). (1) U(x, y) = 3x+y (2) U(x, y) = xzy (3) U(x, y) = yVx (4) U(x, y) = min {x, y} a) Graph indifference curves for U. = 3 and U. = 6 for each of the above utility functions. Label each indifference curve with the utility it provides. To avoid confusion, draw a new xy-plane for each utility function. b) Starting at (x = 1, y = 1), find the marginal utility of good x for each of the above utility functions. c) Find the marginal rate of substitution of utility function (1). d) Which utility functions from (1) to (4) show a preference for variety

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