1. Consider a transformation of the utility function in Question 6 using u' = ln(u). In other words, the new utility fun

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1 Consider A Transformation Of The Utility Function In Question 6 Using U Ln U In Other Words The New Utility Fun 1 (106.76 KiB) Viewed 38 times

1. Consider a transformation of the utility function in Question 6 using u' = ln(u). In other words, the new utility function u' = ln(u) = ln(½-xªy¹) = ln(½) + a × In(x) + b × ln(y). What is MRSx,y of this new utility function? Is it the same as or different from MRSx,y you found in Q6.3? Explain.