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For each of the following utility functions draw two or more indifference curvesfind the marginal rate of substitution (MRS) as a function of I and the utility level

 For each of the following utility functions, (i) draw two or more indifference curves, (ii) find the marginal rate of substitution (MRS) as a function of I and the utility level k, (iii) determine whether MRS is diminishing. (a) u(x1,02) = x1 + In(x2). (b) (1, 2) = 4x + 12. (e) u(*1, 12) = 7123 (d) u(x1,02) = x + x3

Apr 01 2020 View more View Less

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