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  3. 8 a consumers preferences are represented by given this utility...

Question: 8 a consumers preferences are represented by given this utility...

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8. A consumers preferences are represented by Given this utility function, the consumer needs to give up increasing amounts of good X in order to consume additional amounts of good Y and remain as well off (a) True (b) False 9. A consumers preferences are represented by Given this utility function, the MRSry decreases along the indifference curve as X increases. (a) True (b) False 10. Consi ider the utility function Given this utility function, the marginal utility of good Y increases as Y increases, holding X constant. Or, the same, good Y becomes more and more valuable for consumer as he buys more and more good Y, holding constant consumption of good (a) True (b) False

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