Compute the MRS for the following utility functions:
a.U(X,Y)= aln(X)+ bln(Y),
b.U(X,Y)= X^aY^b,and
c.U(X,Y)= aX + bY,
where a and b are strictly positive constants.

Question

Compute the MRS for the following utility functions: a.U(X,Y)= aln(X)+ bln(Y), b.U(X,Y)= X^aY^b,and c.U(X,Y)= aX + bY, where a and b are strictly positive constants.

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The Answer of Compute the MRS for the following utility functions: a.U(X,Y)= aln(X)+ bln(Y), b.U(X,Y)= X^aY^b,and c.U(X,Y)= aX + bY, where a and b are strictly positive constants.

Compute the MRS for the Following Utility Functions