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Questions › CUET-PG › CUET-PG 2023 Shift 1 › Q87
4 marks, −1Microeconomics › Consumer preferences and utility › Marginal rate of substitution and convexityHardabout 2 min

CUET-PG 2023 Shift 1 Question 87: Consumer preferences and utility

Match List-I with List-II: List-I [Utility functions U(x1,x2)U(x_1, x_2)U(x1​,x2​)]: (A) Cx1ax2bC x_1^a x_2^bCx1a​x2b​; (B) (x1+2)(x2+1)(x_1+2)(x_2+1)(x1​+2)(x2​+1); (C) ax1+bx2ax_1 + b\sqrt{x_2}ax1​+bx2​​; (D) (x1a+x2a)b(x_1^a + x_2^a)^b(x1a​+x2a​)b List-II (MRSx1,x2MRS_{x_1,x_2}MRSx1​,x2​​): (I) −(x2+1)(x1+2)\frac{-(x_2+1)}{(x_1+2)}(x1​+2)−(x2​+1)​; (II) −(x1x2)a−1-\left(\frac{x_1}{x_2}\right)^{a-1}−(x2​x1​​)a−1; (III) −ax2bx1\frac{-ax_2}{bx_1}bx1​−ax2​​; (IV) −2ax2b-\frac{2a\sqrt{x_2}}{b}−b2ax2​​​ Choose the correct answer from the options given below:

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Plain-text version

Match List-I with List-II: List-I [Utility functions U(x₁, x₂) ]: (A) C x₁^a x₂^b; (B) (x₁+2)(x₂+1); (C) ax₁ + b√(x₂); (D) (x₁^a + x₂^a)^b List-II (MRS_(x₁,x₂)): (I) (-(x₂+1))/((x₁+2)); (II) -(x₁/x₂)^(a-1); (III) (-ax₂)/bx₁; (IV) -2a√(x₂)/b Choose the correct answer from the options given below: (A) (A)-(II); (B)-(III); (C)-(I); (D)-(IV) (B) (A)-(III); (B)-(IV); (C)-(II); (D)-(I) (C) (A)-(III); (B)-(I); (C)-(IV); (D)-(II) (D) (A)-(I); (B)-(IV); (C)-(II); (D)-(III)

Also written as: Match List-I with List-II: List-I [Utility functions U(x_1, x_2) ]: (A) C x_1^a x_2^b; (B) (x_1+2)(x_2+1); (C) ax_1 + bsqrt(x_2); (D) (x_1^a + x_2^a)^b List-II (MRS_(x_1,x_2)): (I) (-(x_2+1))/((x_1+2)); (II) -(x_1/x_2)^(a-1); (III) (-ax_2)/bx_1; (IV) -2asqrt(x_2)/b Choose the correct answer from the options given below:

Consumer preferences and utility has come up 93 times in 7 exams since 2007.

What this question tests

This question is on Marginal rate of substitution and convexity, part of Consumer preferences and utility in Microeconomics.

The rate at which a consumer trades one good for another, and why it diminishes along a convex indifference curve.

TestStop has 11 past-paper questions on this subtopic.

Take this paper as a timed mockMore on Marginal rate of substitution and convexity

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