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Suppose x represents weekly meat consumption and y represents weekly vegetables consumption. Their prices are px...

Suppose x represents weekly meat consumption and y represents weekly vegetables consumption. Their prices are px and py. Paul’s utility function is U1(x,y) = x2y3 and Peter’s utility function is U2(x,y) = 2x + 3y. Please
a. Derive the MRS for both at the bundle (1,1) respectively. (4pts)
b. Are their MRS the same at (1,1)? Explain the economic interpretation of this MRS value at (1,1).

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