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Assignment help 935

Please answer and explain each answer A thought E. Show work.

Assume that an individual’s preferences is represented by the following utility function:U(x,y) = 5x + 2y a. What could you tell about the type of x and y? {"good” , "bad” or a "neuter”] b. Derive the equation for his/her indifference curve for utility level of 100? c. Derive marginal utility of x and marginal utility of y as a function of my. d. Does goods it and y exhibit diminishing marginal utility, constant marginal utility, orincreasing marginal utility? e. Are goods it and y perfect substitutes or imperfect substitutes?


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