Level of utility and draw various combinations

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Reference no: EM131000888

Utility is given as: U(x, y) = x^1/2y^1/2

(a) Graph a typical indifference curve for this function. (Hint: Choose a level of utility and draw various combinations of x, y that result in that level

(b) Write down the marginal utility of both x and y.

(d) Give examples of goods that are well represented by this model.

Reference no: EM131000888

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