Question: Given the above utility function,what is the MRS? Is the MRS increasing, decreasing, or constant in x? (6 possiblepoints) MRS = 5/2x it is

Given the above utility function,what is the MRS? Is the MRS increasing,

Given the above utility function,what is the MRS? Is the MRS increasing, decreasing, or constant in x? (6 possiblepoints) MRS = 5/2x it is decreasing in X Write out the Lagrangian. (4 possible points) Derive the first order conditions to the utility maximization problem. (6 possible points) Derive the demand functions for goods x and y (find x* and y*). (20 possible points) Find the indirect utility function. (4 possible points)

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