Question: function is given by U(9:,y) = 311133 +lny. (3) Consider only bundles with both :c > 0 and y > 0. Are Georgina's preferences monotone?

function is given by U(9:,y) = 311133 +lny. (3) Consider only bundles with both :c > 0 and y > 0. Are Georgina's preferences monotone? Are they strictly monotone? Does this utility function satisfy diminishing MRS? (5 marks) (b) Find the expenditure-minimising bundle (3:, y) as a function of the prices 109: and pg, and the target utility

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