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Microeconomics 2nd Edition by Douglas Bernheim
Edition 2ISBN: 978-0071287616Microeconomics 2nd Edition by Douglas Bernheim
Edition 2ISBN: 978-0071287616 Exercise 3
Lafonda thinks X and Y are perfect substitutes, and she likes good X three times as much as good Y.
a. Identify Lafonda's utility function. Calculate her marginal utility of X and Y by taking partial derivatives. Use your answers to calculate Lafonda's MRS XY.
b. Three bundles lie on the same indifference curve. These bundles contain 0, 2, and 4 units of X , respectively. How many units of Y might each of these bundles contain (There is more than one correct answer. You only need to give one.)
a. Identify Lafonda's utility function. Calculate her marginal utility of X and Y by taking partial derivatives. Use your answers to calculate Lafonda's MRS XY.
b. Three bundles lie on the same indifference curve. These bundles contain 0, 2, and 4 units of X , respectively. How many units of Y might each of these bundles contain (There is more than one correct answer. You only need to give one.)
Explanation
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(a)Person L thinks X and Y are perfect s...
Microeconomics 2nd Edition by Douglas Bernheim
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