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Find the marginal rate of substitution

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Reference no: EM131968072

For each of the following utility functions,

  • Find the marginal rate of substitution,
  • Discuss how MRS XY changes as the consumer substitutes X for Y along an indifference curve,
  • Derive the equation for the indifference curve where utility is equal to a value of 100,
  • Graph the indifference curve where utility is equal to a value of 100.

(a) U(X,Y ) = XY^2

(b) U(X,Y ) = XY + 10Y

(c) U(X,Y ) = X^2 + Y^2

Reference no: EM131968072

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