Answered: Suppose there are two individuals, Jane…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose there are two individuals, Jane and Keith. Jane's utility function is Uj = XY, while Keith’s is Uk = X^2 Y^2 . Where X and Y are two separate goods. a) Find the marginal utilities of the two goods for Jane and Keith. b) Sketch the marginal utilities for Jane and Keith. c) What do the marginal utilities tell us about their tastes? d) Show by implicit differentiation that, for any given combination of X and Y, Jane's indifference curve has the same slope as Keith's.

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