Figure 2 10 30 Hotdogs (number per week) 3. Figure 2 shows Ronald's budget line. He has weekly income of Php 150 and he spends it on hot dogs and hamburgers. a. Determines the price of hamburger and hotdogs? b. What is the Marginal rate of substitution? с. Draw the appropriate indifference curve. (number per week) saobanquDH

Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
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Figure
2
10
30
Hotdogs (number per week)
3. Figure 2 shows Ronald's budget line. He has weekly income of Php 150 and he spends
it on hot dogs and hamburgers.
a. Determines the price of hamburger and hotdogs?
b. What is the Marginal rate of substitution?
C.
Draw the appropriate indifference curve.
Hamburgers
(number per woek)
Transcribed Image Text:Figure 2 10 30 Hotdogs (number per week) 3. Figure 2 shows Ronald's budget line. He has weekly income of Php 150 and he spends it on hot dogs and hamburgers. a. Determines the price of hamburger and hotdogs? b. What is the Marginal rate of substitution? C. Draw the appropriate indifference curve. Hamburgers (number per woek)
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