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a) suppose x am y are pence: suosututes wnose marginal rate or substitution is 2y/1x. In a diagram where an individual's income is 10 units
a) suppose x am y are pence: suosututes wnose marginal rate or substitution is 2y/1x. In a diagram where an individual's income is 10 units of y and the price of x is 1y/1x, depict numerically and graphically the utility-maximizing combination (x,y). d) If the price of x now falls to bi y/ 1x, in a separate diagram, depict numerically and graphically the utility-maximizing combination (x,y). 6) Finally, if the price of x is 2y/1x, in a separate diagram, depict numerically and graphically the utility-maximizing combination of (Ly)
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