Economics

posted by Olivia

Kelly’s utility function is given by U = 5X + 2Y, where MUX = 5 and MUY = 2

I know MRSxy would be 2.5

What is MRSXY when X = 1 and Y = 5? When X = 2 and Y = 2.5?

Also how would I draw a sample indifference curve?

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