If the marginal utility function of an individual takes the form U = U (x1, x2) = (x1 + 2)2 (x2 + 3)3 i. Find the marginal utility function of each of the two commodities. ii.Find the value of marginal utility of commodity 1(MU1), when 3 units of each commodity are consumed.
If the marginal utility function of an individual takes the form U = U (x1, x2) = (x1 + 2)2 (x2 + 3)3 i. Find the marginal utility function of each of the two commodities. ii.Find the value of marginal utility of commodity 1(MU1), when 3 units of each commodity are consumed.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 1WNG
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If the
U = U (x1, x2) = (x1 + 2)2
(x2 + 3)3
i. Find the marginal utility function of each of the two commodities.
ii.Find the value of marginal utility of commodity 1(MU1), when 3 units of each
commodity are consumed.
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