Draw a indifference curve and degree of substition

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Reference no: EM13179833

Derive the Marginal rate of Substitution (MRS), between X and Y

$U(x,y)=(ax^{p}+(1-a)y^{p})^{1/p}$

$U(x,y)=ln(x)+y$ $U(x,y)=x+Ax^{\alpha}y^{\beta}+y$ $U(x,y)=x^{a}y^{1-a}$

1. Draw a indifference curve and degree of substition betweem goods:

2. When the two goods are imperfect substitudes for each other, and assuming diminshing marginal rate of substitution.

Reference no: EM13179833

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