greater than; greater than greater than; less than less than; less than equal to; equal to less than; greater than

Economics For Today
10th Edition
ISBN:9781337613040
Author:Tucker
Publisher:Tucker
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 1SQ
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A consumer has the indifference map shown below. The market prices of X and Y are $20 and $50, respectively. The consumer has $500 to spend on goods X and
Y. For the utility-maximizing bundle, the marginal rate of substitution is
the slope of the budget line (in absolute value), and the ratio MU/P for good X is
the ratio MU/P for good Y.
AY
37,5
15
10
15
20
25
30
10
Quantity of good X
greater than, greater than
greater than; less than
less than, less than
equal to, equal to
less than, greater than
Quantity of good
Transcribed Image Text:A consumer has the indifference map shown below. The market prices of X and Y are $20 and $50, respectively. The consumer has $500 to spend on goods X and Y. For the utility-maximizing bundle, the marginal rate of substitution is the slope of the budget line (in absolute value), and the ratio MU/P for good X is the ratio MU/P for good Y. AY 37,5 15 10 15 20 25 30 10 Quantity of good X greater than, greater than greater than; less than less than, less than equal to, equal to less than, greater than Quantity of good
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