ity = XY + 3X. If prices of X and Y are Birr 4 and Birr 2 respectively; and if a consumer has an income of Birr 80: Find the consumer equilibrium point. Find value of marginal rate of substitution at equilibrium point
ity = XY + 3X. If prices of X and Y are Birr 4 and Birr 2 respectively; and if a consumer has an income of Birr 80: Find the consumer equilibrium point. Find value of marginal rate of substitution at equilibrium point
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 21SQ
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Utility = XY + 3X. If prices of X and Y are Birr 4 and Birr 2 respectively; and if a consumer has an income of Birr 80:
Find the consumer equilibrium point.
Find value of marginal rate of substitution at equilibrium point
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