Problem Set – Chapter 3 Solutions
2. Suppose a consumer’s preferences for two goods can be represented by the Cobb-Douglas utility function U(x, y) = A x α y β, where A, α, and β are positive constants. a. What is MRS x, y? We begin by calculating the marginal utilities with respect to x and y: ( ) αAxα yβ x U x y MU x 1, = − ∂ ∂ = ( ) 1, = − ∂ ∂ = βAxα ...
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