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.)
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
Problem 11SQ
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