Lui's utility function is U(x,y) = x9 y. Find the value at the bundle (x,y) =(4,2) of the derivative of Lui's MRS (of good X in terms of good Y) with respect to x whose sign can inform us whether his indifference curves are concave or convex given x>0 and y>0. Then enter this value below.
Lui's utility function is U(x,y) = x9 y. Find the value at the bundle (x,y) =(4,2) of the derivative of Lui's MRS (of good X in terms of good Y) with respect to x whose sign can inform us whether his indifference curves are concave or convex given x>0 and y>0. Then enter this value below.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.8P: Find utility functions given each of the following indifferencecurves [defined by U()=k ]: a....
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