For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. c) The consumers utility function is given by U(X,Y)=2X+3Y and the given bundle is X = 3 and Y = 6. i) MRS= ii) Draw your graph in this space:
For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. c) The consumers utility function is given by U(X,Y)=2X+3Y and the given bundle is X = 3 and Y = 6. i) MRS= ii) Draw your graph in this space:
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.7P
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Transcribed Image Text:1.
For each of the following situations, i) Find the Marginal Rate of Substitution at the given
bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve
that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the
amount of good X on the horizontal axis, and the amount of good Y on the vertical axis.
c) The consumers utility function is given by U(X,Y)=2X + 3Y and the given bundle is X = 3 and Y = 6.
i) MRS
ii) Draw your graph in this space:
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