Matthew and Susan are both optimizing consumers in the markets for shirts and hats,where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, whileSusan buys 6 shirts and 12 hats. From this information, we can infer that Matthew’smarginal rate of substitution is _____ hats per shirt, while Susan’s is _____.a. 2, 1b. 2, 2c. 4, 1d. 4, 2
Matthew and Susan are both optimizing consumers in the markets for shirts and hats,where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, whileSusan buys 6 shirts and 12 hats. From this information, we can infer that Matthew’smarginal rate of substitution is _____ hats per shirt, while Susan’s is _____.a. 2, 1b. 2, 2c. 4, 1d. 4, 2
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 3CQQ
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Matthew and Susan are both optimizing consumers in the markets for shirts and hats,
where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, while
Susan buys 6 shirts and 12 hats. From this information, we can infer that Matthew’s
marginal rate of substitution is _____ hats per shirt, while Susan’s is _____.
a. 2, 1
b. 2, 2
c. 4, 1
d. 4, 2
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