If the utility function of an individual takes the form: U=U (x, y) = (3x+4)2 (2y + 5) where U is total utility and x and y are the quantities of the two units consumed, a. Find the marginal utility function of each of the two commodities via partial differentiation. b. Find the value of the marginal utility of the second commodity when 2 units of each commodity are consumed.
If the utility function of an individual takes the form: U=U (x, y) = (3x+4)2 (2y + 5) where U is total utility and x and y are the quantities of the two units consumed, a. Find the marginal utility function of each of the two commodities via partial differentiation. b. Find the value of the marginal utility of the second commodity when 2 units of each commodity are consumed.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
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Ab 16
Economics
Transcribed Image Text:8. If the utility function of an individual takes the form:
U=U (x, y) = (3x+4)² (2y + 5) where U is total utility and x and y are the quantities of
the two units consumed,
a. Find the marginal utility function of each of the two commodities via partial
differentiation.
b.
Find the value of the marginal utility of the second commodity when 2 units of each
commodity are consumed.
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