Question: Question 4 Consider the utility function V(x, y) = 10x0.30.7 which corresponds to two times the utility function U(x, y) from part 3 (c).

$Question 4 Consider the utility function \[ V(x, y)=10 x^{0.3} y^{0.7} \] which corresponds to two times the utility function$

Question 4 Consider the utility function V(x, y) = 10x0.30.7 which corresponds to two times the utility function U(x, y) from part 3 (c). (a) Obtain the marginal rate of substitution MRS of V(x, y). How does it compare with the MRS of U(x, y) from part 3 (c)?

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ANSWER MRS of Vxy MRS of Uxy 15 35 yx EXPLANATION Refer to image Vxy is two ... View full answer

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