Question: I need the correct answer to this question. Please explain in detail why each option is correct or wrong. 8. Consider the utility function U(x,

I need the correct answer to this question. Please explain in detail why each option is correct or wrong.

8. Consider the utility function U(x, y) = min (5x, 7y). Which of the following statements is TRUE? a. If you consume 1 additional uth need to decrease your consumption of y by 7/5 units to remain as well off. b. The MRS Nor y is 5/7. 6 c. You derive no additional utility m an additional unit of x unless it comes with an additional 7/5 units of y. d. Your indifference curve re L-shaped, and the equation of a line from the origin through the vertices of all indifferenc curves can be represented as y = (5/7)x. e. All the above statements are false

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