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Utility is given as: U(x, y) = x^1/2y^1/2
(a) Graph a typical indifference curve for this function. (Hint: Choose a level of utility and draw various combinations of x, y that result in that level
(b) Write down the marginal utility of both x and y.
(c) What is the marginal rate of substitution (MRS) for this function?
(d) Give examples of goods that are well represented by this model.
Think of an industry that pollutes the water and has access to variable technology for reducing that pollution. Explain the impact of each of the following, other things constant, on the optimal level of water quality:
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