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Question: ec 301 homework 1 th due taselay 1 30 points...

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EC 301: Homework 1 th Due: Taselay. 1. (30 points) Consider a comeumer with the tolowing utility funetion (a) (5 pointa) Derive this csrginal rate of aketittion it depend on Xandy? Mnx-y4x-Q4yNA How does me mnr2inaon Muy of Snst /4 ion 4 y4y- ろ v depends on xand ML#x decreases のnaのSy decrease: (b) (3 points) Noting that this coasumer has canvex preferences (bowed Mndine s nercases ence curves), state the equation that relates the marginal rate of subetitution to the prices at the optimal bundle The Mrginl pte of subsitton (MS) imeslopeoinnIndifference curve1-1 |- (c) (5 points) Write this s budget constraint.EC 301 Spring 2019 Homework 1 (d) (15 points) Use the equation from part (b) along with the budget constraint from part (c) to solve for this consumers demand functions X* and Y

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