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assume an individual has the following utility function: 10 y^2+20x-x^2 is composite good and X is shelter a) What is the marginal rate of substitution
assume an individual has the following utility function: 10 y^2+20x-x^2 is composite good and X is shelter
a) What is the marginal rate of substitution if Y=5 and X=3
b) How much X and Y will the individual consume with assuming Py=1, Px=2, and the individual has a $6 endowment
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