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Consider a consumer whose preferences over the goods are represented by the utility ry. Recall that for this function the marginal utilities are given function U(z, by MU,(x, y) = u" and MU, (x,y) = 2xy (a) What are the formulas for the indifference curves corresponding to utility levels of u = 1 , u = 4, and ii = 9? Draw these three indifference curves in one graph. y2 ? Explain without (d) Are the preferences of this consumer satisfy the more is better' assumption and (b) What is the marginal rate of substitution MRSzy? (c) What is MRSry for the utility function U(x,y) 527 recomputing the declining MRS' assumption?
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