Assume that an individual’s preferences is represented by the following utility function: U (x, y) = x”)? What could you tell about the type of x and…

please answer and explain each answer A through E. Also explain the utility function and its variables.

Assume that an individual’s preferences is represented by the following utility function: U (x, y) = x“)? What could you tell about the type of x and y? ("good" , "bad” or a “neuter"lDerive the equation for his/her indifference curve for utility level of 100? Derive marginal utility of x and marginal utility of y as a function of my and a. Does goods it and y exhibit diminishing marginal utility, constant marginal utility, orincreasing marginal utility? e. Are good at and y perfect substitutes or imperfect substitutes? 9-957!"

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