For each of utility functions listed below in (a) through (h), answer the following questions: i)...

For each of utility functions listed below in (a) through (h), answer the following questions: i) Does the utility function exhibit diminishing marginal utility for good #1 (??1)? ii) Does the utility function exhibit diminishing marginal utility for good #2 (??2)? iii) Does the utility function exhibit a strictly diminishing marginal rate of substitution? a. ??(??1, ??2) = ??1 ⋅ ??2 b. ??(??1, ??2) = ??1 2 + ??2 2 c. ??(??1, ??2) = ??1 2/3 ⋅ ??2 1/3 d. ??(??1, ??2) = ??1 1/2 ⋅ ??2 1/2

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Rahul Sunny answered 2 years ago

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