Find the marginal rate of substitution (MRS) for the following problems. 1) u(x, x) =...

 

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Find the marginal rate of substitution (MRS) for the following problems. α 1) u(x₁, x₂) = x₁ xh 2) u(x₁, x₂) = 3) u(x, y) = xy² = x₁ + 3x₂ 4) u(x1, x₂ ) = x 1 + x2 where 8 = 0 and 8 > 1. This is commonly referred to as S of substitution (CES) preferences. 5) u(x₁, x₂) = 3 ln (x₁) + 5 In (x₂) constant elasticity Find the marginal rate of substitution (MRS) for the following problems. α 1) u(x₁, x₂) = x₁ xh 2) u(x₁, x₂) = 3) u(x, y) = xy² = x₁ + 3x₂ 4) u(x1, x₂ ) = x 1 + x2 where 8 = 0 and 8 > 1. This is commonly referred to as S of substitution (CES) preferences. 5) u(x₁, x₂) = 3 ln (x₁) + 5 In (x₂) constant elasticity

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1The marginal rate of substitution MRS for this problem is 41 2T... View the full answer