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