Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 15SQ
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From the Microeconomices, regarding to the MRS, how they work out for Ux and Uy? For example: U(x,y)=xy/x+y.Thank you
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Marginal rate of substitution refers to willingness of given up units in order to gain some other goods that give the same level of satisfaction.
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