Hello, I\'d like your help please figuring out these problems in Intro. to Micro
ID: 1099419 • Letter: H
Question
Hello,
I'd like your help please figuring out these problems in Intro. to Micro economic.
Q1) What is the MRS for a person with utility function ln(2X+Y) when she has 5 units of each good X and Y?
Q2) This problem has a graph but I cannot upload it here because that website prevents copy/save as, but I'll try to explain it well. There's Hamburgers on the Y-axis and Soft Drinks for X-axis. The question says, Bob loves hamburgers and dislikes soft drinks. If he served a soft drink, then he'll drink it to be polite.
1) Draw an indifference curve consistent with Bob's preferences label your curve with "U1".
2) Draw another indifference curve for Bob's showing a higher level of utility. Label your curve "U2".
Please help me answering these two problems and explain how do them.
Thanks in advance
Explanation / Answer
MUx = 2/ln(2x+y)
MUy = 1/ln (2x+y)
MRS= MUy/MUx = 0.5
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