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Compute the mrs for the following utility functions

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Reference no: EM132336439

Compute the MRS for the following utility functions. Based on your results, explain the curvature of indifference curve associated with each function.

i. U(X,Y) = aln(X) + bln(Y)

ii. U(X,Y) = XaYb

iii. U(X,Y) = aX + bY,

where a and b are strictly positive constants.

Reference no: EM132336439

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