Consider the following utility function: U= 4X+Y. A consumer faces prices of P,= $2 and P, =1. %3D Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 1. units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = (Enter your response rounded to two decimal places. Do not forget to include the negative sign.)

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
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Consider the following utility function:
U= 4X + Y.
A consumer faces prices of P, = $2 and P, =1.
Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19
units of good Y. Then the marginal rate of substitution (MRS) is equal to:
MRS = (Enter your response rounded to two decimal places. Do not forget to include the negative sign.)
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Transcribed Image Text:Consider the following utility function: U= 4X + Y. A consumer faces prices of P, = $2 and P, =1. Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19 units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) étv Help Me Solve This eText P MacBook Air 80 DII esc F2 F3 F6 F8 F1 F4 F5 F7 @ 23 2$ & 1 2 4 6 7 8. Q W E R T Y U tab A S G caps lock C V shift fn control option command ーの エ B レ
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