Problem Set – Chapter 3 Solutions
Problem Set – Chapter 3 Solutions 1. Graph a typical indifference curve for the following utility functions and determine whether they obey the assumption of diminishing MRS: a. U(x, y) = 3x + y Since the indifference curves are not bowed towards the origin, they do not obey the assumption of diminishing MRS. b. U(x, y) = x y
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