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{"ops":[{"attributes":{"bold":true},"insert":"Q:"},{"insert":"\u00a0A consumer's utility function is given by the expression:\u00a0"},{"attributes":{"italic":true,"bold":true},"insert":"U\u00a0"},{"attributes":{"bold":true},"insert":"= (0.6X"},{"attributes":{"bold":true,"script":"super"},"insert":"0.5"},{"attributes":{"bold":true},"insert":"+ 0.4Y"},{"attributes":{"bold":true,"script":"super"},"insert":"0.5"},{"attributes":{"bold":true},"insert":")"},{"attributes":{"bold":true,"script":"super"},"insert":"2"},{"attributes":{"bold":true},"insert":"."},{"insert":"\nDetermine the marginal utility functions for each commodity. Does marginal utility decrease when consumption increases?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Assuming that the price of good\u00a0"},{"attributes":{"italic":true},"insert":"X\u00a0"},{"insert":"is Rs 15 and the price of Y is Rs 6, write the equation of the budget line and plot it when income is Rs 450. What is its slope? What does it indicate?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Calculate the marginal rate of substitution of Y for X and interpret its economic meaning. Write the equation showing the consumer's equilibrium condition."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Obtain the equilibrium values of X and Y."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Find the expressions for change in MU"},{"attributes":{"script":"sub"},"insert":"x"},{"insert":"\u00a0due to an increase in Y and change in MU"},{"attributes":{"script":"sub"},"insert":"y"},{"insert":"\u00a0due to an increase in X."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\n"}]}

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