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Briefly explain and graphically illustrate the property of diminishing margincal rate of substitution and its relation to
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- The marginal rate of substitution of both of them are not correct.Given the following Cobb Douglas Utility function u(x1, x2) = x1cx2d.What is Marginal Rate of Substitution MRS x1, x2 ?Discuss the following statements : explain whether the statement is TRUE or FALSE, and provide justification : “For a given utility function, monotonic transformation may yield different marginal utilities yet necessarily produces the same marginal rate of substitution.”
- Discuss general framework of Alfred Marshall's analysis by taking the concept of "substitution" into attention.Suppose that the cost of living increases, thereby reducing the purchasing power of your income. If your money wage doesn’t increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect or a substitution effect? Explain. with simple exampleIn the theory of consumer, we argued that the utility is ordinal, that is, utility number does not have any intrinsic meaning other than to give a preference ordering among consumption bundles. In other words, any increasing monotone transformation of a utility function represents the same preference, hence the spacing between indifference curves does not have any significance. Explain why in the theory of producer, the production function and the corresponding isoquant is a cardinal property, that is, the number itself has an intrinsic meaning. And explain the relationship between returns to scale and space between isoquants.