James Bond consumes two goods: vodka (x) and martini (y). His preferences are described by the utility function U(x,y)=(3x+4)y. Calculate the value of the marginal rate of substitution in the point (3.9). Please use 2 decimals in your answer.
James Bond consumes two goods: vodka (x) and martini (y). His preferences are described by the utility function U(x,y)=(3x+4)y. Calculate the value of the marginal rate of substitution in the point (3.9). Please use 2 decimals in your answer.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.11P
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James Bond consumes two goods: vodka (x) and martini (y). His preferences are described by the utility function U(x,y)=(3x+4)y.
Calculate the value of the marginal rate of substitution in the point (3.9). Please use 2 decimals in your answer.
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