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SOLVED: If the utility function of an individual takes the form U = U(x1, x2) = (x1 2)^2(x2 3)^3Where U is total utility, and x1 and x2 are the quantities of two commodities consumed:i. Find the marginal utility function of each of the two commodities.ii. Find the value of the marginal utility of the first commodity when 3 units of each commodity are consumed.
SOLVED: If the utility function of an individual takes the form U = U(x1…
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