Question
3. For an individual the Marginal Rate of Substitution is constant and equal to 3/4 for all combinations of goods X and Y in his
3. For an individual the Marginal Rate of Substitution is constant and equal to 3/4 for all combinations of goods X and Y in his consumption set. The price of good X is $15 per unit and the price of good Y is $9 per unit. The individual has a total budget of $300. Determine the bundle of goods X and Y that maximize his utility.
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
