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Unformatted text preview: an economic analysis. 2). Construct a utility function for perfect substitute goods and explain what this function needs to incorporate. Is there only one unique utility function that can describe perfect substitutes? 3). Construct a utility function for perfect complements and explain what this function needs to incorporate. Is there only one unique utility function that can describe perfect complements? 4). What does the CobbDouglas utility function look like? What is special about it? 5). What is marginal utility and what is the marginal rate of substitution? Be prepared to derive and explain their relationship....
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This note was uploaded on 08/08/2008 for the course ECON 301 taught by Professor Hansen during the Spring '08 term at Wisconsin.
 Spring '08
 Hansen
 Economics, Microeconomics

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