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Question: Consider Mark from question.
a) Find the marginal utility functions for each good, and provide an economic in tepretation of their sign. Find the MRS for this utility function and provide an economic interpretation of the sign of the MRS
b) Consider the consumption bundle A-(30, 20). Find a consumption bundle B such that the consumer is indifferent between A and B. Illustrate your results using an A ndifference curve.
c) Find the utility maximizing consumption bundle when Mark's income is $100,000. Illustrate your answer with a carefully labeled graph.
d) Now suppose that the price of good 2 increases to $3,000 per unit. Find the utility maximizing bundle under the new prices. How does your answer compare to your result in part c). Carefully explain the economic intuition behind your result.
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