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In footnote 7 we showed that for a utility function for two goods to have a strictly diminishing M R S (i.e., to be strictly quasiconcave), the following condition must hold: Ux x Ux^2-2 Ux y Ux Uy Uy y Uy^2<0 Use this condition to check the convexity of the indifference curves for each of the utility functions in Problem 3.1 . Describe the precise relationship between diminishing marginal utility and quasi-concavity for each case. | Numerade
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