Give only typing answer with explanation and conclusion to all parts Martina’s preferences are represented by u(x , x ) = x2 + x3 , where x > 0, x > 0. (1) What is the marginal utility of good 1 at (x1, x2)? (2, 3)? (2) What is the marginal utility of good 2 at (x1, x2)? (3, 2)? (3) What is the marginal rate of substitution of good 2 for good 1 at (x1, x2)? (2, 2)? (4) Redo (1),(2),(3) for another representation v(x1,x2)=ln(x^1/2 +x^(1/3).)

Give only typing answer with explanation and conclusion to all parts Martina’s preferences are represented by u(x , x ) = x2 + x3 , where x > 0, x > 0. (1) What is the marginal utility of good 1 at (x1, x2)? (2, 3)? (2) What is the marginal utility of good 2 at (x1, x2)? (3, 2)? (3) What is the marginal rate of substitution of good 2 for good 1 at (x1, x2)? (2, 2)? (4) Redo (1),(2),(3) for another representation v(x1,x2)=ln(x^1/2 +x^(1/3).)

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 5QP

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