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Say that an individual’s preferences for consumption (a composite of all the goods he likes) are expressed in functional form according to: utility= ??(??) = ????^2 + ??C, where C is consumption. a) Are the values of each parameter (“a” and “b”) positive or negative? Base your answer on your intuition about individuals’ preferences and knowledge of algebra (helpful to use a graph). b) What is the individual’s marginal utility? Note: this is the derivative of the utility function with respect to C. c) Is marginal utility positive for all values of C?
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