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A utility function is given by the equation U = 120 x 0.7 y 0.3 where x is the number of hours spent playing golf
A utility function is given by the equation U=120x0.7y0.3 where x is the number of hours spent playing golf and y is the number of hour spent playing cards per month.
Obtain the expression for the Marginal rate of substitution (MRS) and give an interpretation of it when x goes to infinity.
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