Consider the utility function U(X; Y ) = 3X + ln(Y ). How many of thefollowing statements are true?
Consider the utility function U(X; Y ) = 3X + ln(Y ). How many of thefollowing statements are true?
The corresponding indierence curves slope downward at a decreas-
ing rate.
Preferences are monotonic in both goods.
The consumer needs to be compensated with increasing amounts of
good X in order to be willing to give up each additional unit of good
Y .
Good Y exhibits a diminishing marginal utility.
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