Question: U(X,Y) = X0.4Y0.6 (a) Does this utility function exhibit diminishing marginal utility in X? Show why or why not. (b) Does this utility function exhibit

U(X,Y) = X0.4Y0.6

(a) Does this utility function exhibit diminishing marginal utility in X? Show why or why not.

(b) Does this utility function exhibit diminishing marginal rate of substitution? Mathematically show

and verbally explain why it has (or doesn't have) such property.

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