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Write an expression of the marginal rate of substitution

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Suppose the utility function given: U = M2L where marginal utility of leisure (L), (MUL) = M2;  marginal utility of income money (M)(MUM) = 2ML and wage = $ 10.

  1. Write an expression of the marginal rate of substitution (MRS) in terms of L and M?
  2. What is the allocation of hours of leisure and hours of work if there 16 hours available.
  3. What is the total utility at the maximizing level?

Reference no: EM132328943

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