Question
1. Draw a diagram in output space for given prices and income (utilizing the input requirement set) showing the following: - Feasible but inefficient points
1. Draw a diagram in output space for given prices and income (utilizing the input requirement set) showing the following:
- Feasible but inefficient points
- Feasible and efficient points
- Infeasible points
2. Define the following in (a) words and (b) notation
- Marginal rate of substitution
- Marginal utility
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International Economics
Authors: Robert C. Feenstra, Alan M. Taylor
3rd edition
978-1429278515, 142927851X, 978-1319029517, 1319029515, 978-1429278447
