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Question: let basket a be x y 4 3 for...

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Let basket A be (x, y) = (4, 3). For each of the following utility functions (a-d), answer the following questions (iiv):

i) Determine the utility at basket A

ii) Write out the equation for the indifference curve that basket A lies on. (simplify to y equals some function of x)

iii) Find 3 other points that lie on the same indifference curve as A.

iv) Calculate the MRSx,y at basket A and give an economic interpretation of what the means in words.

(a) U (x, y) = 9xy.

(b) U (x, y) = 2x2 + 5y2 .

(c) U (x, y) = 6x1/2 + y.

(d) U (x, y) = 8x + 7y.

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