Solve this economic QUESTION 5In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate ofsubstitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. What is the equilibrium ratio ofcucmber (C) and tomatoes (T) in the consumption bundle?C/T=5/4C/T=2/3C/T=6/5C/T=3/2QUESTION 6In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate ofsubstitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. Bob uses $20 to purchasetomatoes and cucumber. He will buy_Ib tomatoes andIb cucumber.

5) MRS=2C3TPrice ratio=56Equilibrium condition is:MRS=Price ratio2C3T=56CT=5×36×2=1512=54

QUESTION 5 In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate of substitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. What is the equilibrium ratio of cucmber (C) and tomatoes (T) in the consumption bundle? O C/T=5/4 O C/T=2/3 O C/T=6/5 O C/T=3/2 QUESTION 6 In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate of substitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. Bob uses $20 to purchase tomatoes and cucumber. He will buy. Ib tomatoes and -- Ib cucumber.

QUESTION 5 In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate of substitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. What is the equilibrium ratio of cucmber (C) and tomatoes (T) in the consumption bundle? O C/T=5/4 O C/T=2/3 O C/T=6/5 O C/T=3/2 QUESTION 6 In a farmer's market, the price of tomatoes is $5/lb and the price of cucumber is $6/lb. The marginal rate of substitution of tomatoes for cucumber MRS=2C/3T in Bob's concumption bundle. Bob uses $20 to purchase tomatoes and cucumber. He will buy. Ib tomatoes and -- Ib cucumber.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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