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Obtain the marginal rate of substitution mrsxy

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Reference no: EM132519202

Given the utility function: U(x,y) = x^(1/3) y^(2/3), where x and y are goods and 1/3 and 2/3 are constants,

MUx=1/3x^(-2/3) y^(2/3)

and

MUy=2/3x^(1/3) y^(-1/3)

Obtain the Marginal Rate of Substitution MRSxy.

What does the MRS for this utility function tell us?

Graph 2 indifference curves U=10 and U =14, (with at least 3 bundles for each)

Reference no: EM132519202

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