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Assume that an individual’s preferences is represented by the following utility function: U(X,Y) = (X^α)(Y)
a. What could you tell about the type of x and y? (“good” , “bad” or a “neuter”)
b. Derive the equation for his/her indifference curve for utility level of 100?
c. Derive marginal utility of x and marginal utility of y as a function of x,y and α.
d. Does goods x and y exhibit diminishing marginal utility, constant marginal utility, or increasing marginal utility?
e. Are good x and y perfect substitutes or imperfect substitutes?
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