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A person’s utility function is: U = (X + 2)(Y + 1(iv) The marginal utility of Y changes when consumption of X increases with Y constant? (3 marks) c
A person’s utility function is: U = (X + 2)(Y + 1(iv) The marginal utility of Y changes when consumption of X increases with Y constant? (3 marks) c. Find the equation of the indifference curve for U = 100, with Y as an explicit function of X. Does this indifference curve cut either or both axes? (3 marks) d. By differentiation, determine the slope and curvature of the indifference curve for U = 100. Sketch the curve. Also, show on your sketch indifference curves for U < 100 and U > 100. (7 marks)
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