Illstrate the shape of a typical indifference curve

Reference no: EM13208500

a consumer has preferences between two goods, hamburgers(H),and milkshakes(m), his perference over the two goods are represented by the utility function U= H^1/2+M^1/2, for this utility function MUH=1/(2H^1/2) and MUM=1/(2M^1/2)

1. determine if there is a diminishing mrs for this utility function

2. draw a graph to illstrate the shape of a typical indifference curve. label the curve U1, doesthe curve intersect either axis.

Reference no: EM13208500

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