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(Solution) - Calculus 4 12 0 Joe Bob has a utility function given

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Calculus 4.12 (0) Joe Bob has a utility function given by u(x1, x2) =

(a) Compute Joe Bob?s marginal rate of substitution: MRS(x1, x2) =____
(b) Joe Bob?s straight cousin, Al, has a utility function v(x1, x2) = x2+x1.
Compute Al?s marginal rate of substitution. MRS(x1, x2) =_____
(c) Do u(x1, x2) and v(x1, x2) represent the same preferences? _____ .Can you show that Joe Bob?s utility function is a monotonic transformation of Al?s? ________

 







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This question was answered on: Jul 11, 2017

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