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-
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
Good Y exhibits a diminishing marginal utility.
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
The post Consider the utility function U(X; Y ) = 3X + ln(Y ). How many of thefollowing statements are true? appeared first on Superb Professors.