Utility is given as: U(x, y) = x^1/2y^1/2
(a) Graph a typical indifference curve for this function. (Hint: Choose a level of utility and draw various combinations of x, y that result in that level
(b) Write down the marginal utility of both x and y.
(c) What is the marginal rate of substitution (MRS) for this function?
(d) Give examples of goods that are well represented by this model.