Consider the two good utility function

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Consider the two good utility function: U(x,y) = y\sqrt{}x

a) Does this consumer believe that more-is-better for good X?

b) Does this consumer believe that more-is-better for good Y?

c) Does this consumer’s preferences exhibit diminishing marginal utility of X?

d) Does this consumer’s preferences exhibit diminishing marginal utility of Y?

e) Find the MRSx,y

f) Is the MRSx,y diminishing with respect to x? Use math to support your answer.

Reference no: EM13868575

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