Julian’s utility function is U(x, y) = (x + 2y)^2 . In every graph for this question, set y in the vertical axis and x in the horizontal axis. (a) Obtain the marginal rate of substitution. Obtain the equation of the indifference curves for U = 16 and U = 36 (solving for y as a function of x). Draw these indifference curves.
Julian’s utility function is U(x, y) = (x + 2y)^2 . In every graph for this question, set y in the vertical axis and x in the horizontal axis. (a) Obtain the marginal rate of substitution. Obtain the equation of the indifference curves for U = 16 and U = 36 (solving for y as a function of x). Draw these indifference curves.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.4P
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Julian’s utility function is U(x, y) = (x + 2y)^2 . In every graph for this question, set y in the vertical axis and x in the horizontal axis.
(a) Obtain the marginal rate of substitution. Obtain the equation of the indifference curves for U = 16 and U = 36 (solving for y as a function of x). Draw these indifference curves.
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