Question: Exercise 5 (ICC) For the utility function m+2y if m+3y15 (m,y)= m+y+9 if $+3y>15 1. Show that the utility function is continuous by showing that

$Exercise 5 (ICC) For the utility function m+2y if m+3y15 \"(m,y)=$

Exercise 5 (ICC) For the utility function m+2y if m+3y15 \"(m,y)= m+y+9 if $+3y>15 1. Show that the utility function is continuous by showing that the two formulas give the same value for bundles (x, y) with a: + 33; = 15. 2. What is the marginal rate of substitution M RS (ray) for this utility function? 3. Draw some indifference curves and mark all important points/ curves in the diagram. 4. Find the Income Consumption Curve when p = q = 3

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