Suppose an individual had a utility function given by: U = X0.6 y 0.8. Calculate this individual's Marginal Rate of Substitution (MRSXY) when they have a bundle with 3 units of Good X and 4 units of Good Y. (Round to the nearest decimal place if necessary.)
Suppose an individual had a utility function given by: U = X0.6 y 0.8. Calculate this individual's Marginal Rate of Substitution (MRSXY) when they have a bundle with 3 units of Good X and 4 units of Good Y. (Round to the nearest decimal place if necessary.)
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 1SQ
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ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning