Is there a diminishing marginal rate of substitution, Microeconomics

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Is there a diminishing marginal rate of substitution

Consider the Cobb Douglass utility function U(X, Y) = X^(1/6)Y^(5/6) of a typical student. X denotes time spent studying and Y denotes time spent socializing. Use calculus in your answer.

A. Is the "more is better" assumption satisfied for both goods?

B. Is there diminishing marginal utility for both goods?

C. Is there a diminishing marginal rate of substitution?

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Microeconomics: Is there a diminishing marginal rate of substitution

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Microeconomics: Is there a diminishing marginal rate of substitution

Reference No:- TGS0511305

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Is there a diminishing marginal rate of substitution

Reference No:- TGS0511305

Recent Questions Asked Microeconomics

Q : Find the price at profit maximizing quantity

Q : Journal entry for the issuance of the bonds

Q : Accumulation of accounting data

Q : What risk mitigation steps should be taken

Q : Is there a diminishing marginal rate of substitution

Q : Individual portfolio investment

Q : What are the domestic risks facing korea

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