11. Suppose an individual has a daily income of Rs. 1,500 and spends it to consume commodities X and Y. The price of X is Rs. 75 and the price of Y is Rs. 50. Write the equation for the budget constraint of this individual. b. How much is the marginal rate of substitution (MRS) at the consumer optimization?
11. Suppose an individual has a daily income of Rs. 1,500 and spends it to consume commodities X and Y. The price of X is Rs. 75 and the price of Y is Rs. 50. Write the equation for the budget constraint of this individual. b. How much is the marginal rate of substitution (MRS) at the consumer optimization?
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 13PAE
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