Consider a consumer with a utility function U(X,Y) = 4vX + VY a) Explain what marginal utility is. Compute marginal utilities of X and Y. b) Evaluate whether marginal utilities of X and Y are diminishing or not. c) Compute marginal rate of substitution. What is this consumer's marginal rate of substitution when she is consuming 4 units of X and 64 units of Y. d) Provide an interpretation of the value of MRS you found in part (c). e) Evaluate whether this consumer has diminishing marginal rate of substitution or not.

Consider a consumer with a utility function U(X,Y) = 4vX + VY a) Explain what marginal utility is. Compute marginal utilities of X and Y. b) Evaluate whether marginal utilities of X and Y are diminishing or not. c) Compute marginal rate of substitution. What is this consumer's marginal rate of substitution when she is consuming 4 units of X and 64 units of Y. d) Provide an interpretation of the value of MRS you found in part (c). e) Evaluate whether this consumer has diminishing marginal rate of substitution or not.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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