Derive the Marginal rate of Substitution (MRS), between X and Y
\(U(x,y)=(ax^{p}+(1-a)y^{p})^{1/p}\)
\(U(x,y)=ln(x)+y\) \(U(x,y)=x+Ax^{\alpha}y^{\beta}+y\) \(U(x,y)=x^{a}y^{1-a}\)
1. Draw a indifference curve and degree of substition betweem goods:
2. When the two goods are imperfect substitudes for each other, and assuming diminshing marginal rate of substitution.