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BUDA's utility function is given by U(x 1 , x 2 )=9.8 ln( x 1 ) + 6.7ln(x 2 ) wherex i denotes the quantity
BUDA's utility function is given by
U(x1 , x2)=9.8 ln( x1 ) + 6.7ln(x2)
wherexi denotes the quantity consumed of good i, i =1, 2. It follows the value of BUDA's marginal rate of substitution of good 2 in terms of good 1 at the bundle (point) where x1 = 7 and x2 = 5 is ...
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