Suppose Joe's utility for lobster (L) and soda (S) can be ...

[Haya94]

Suppose Joe's utility for lobster (L) and soda (S) can be represented as U = L0.5 S0.5. Draw the indifference curve that yields a utility level of 9. Calculate the MUL, MUS, and MRS of L for S on that indifference curve when S = 3.

[johnharpe]

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Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

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[matiaslunam]

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alt="" /><br />
See the above figure. Along that indifference curve, when:<br />
S = 3, L = 27. MU<span style="vertical-align: sub;">L</span> = 0.5 ∗ (S/L)<span style="vertical-align: super;">0.5</span> = 1/6.<br />
MU<span style="vertical-align: sub;">S</span> = 0.5 ∗ (L/S)<span style="vertical-align: super;">0.5</span> = 1.5.<br />
MRS of L for S = -MU<span style="vertical-align: sub;">S</span>/MU<span style="vertical-align: sub;">L</span> = -9.<br />
Joe is willing to give up 9 lobsters to get another soda.