1 for each of the following utility functions


1. For each of the following utility functions, draw the three indierence curves that correspond to the three stated utility levels, labeling each curve with the corresponding utility level. Label any intercepts or inks in the line to fully identify the position of the curve.

(a) U(X; Y ) = minf3X; Y g; utility levels = 3; 6; 9

(b) U(X; Y ) = minf3X; 2Y g; utility levels = 6; 12; 18.

(c) U(X; Y ) = 5X + 2Y ; utility levels = 10; 15; 20.

 

2. For each of the following utility functions, derive MUX; MUY , and the MRS. Show your steps.

(a) U(X; Y ) = X2Y

(b) U(X; Y ) = X(1/3) Y(2/3)

(c) U(X; Y ) = 4rootXY

(d) U(X; Y ) = XY + 3X + 2Y

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Microeconomics: 1 for each of the following utility functions
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