Burritos

(x_(1))

cost

$15.00

each. A cup of coffee

(x_(2))

costs

$3.00

. Joe's income is

$530.00

, and his preferences are represented by the utility function

x_(1)^(0.1)x_(2)^(0.4)

. Hammad's income is

$570.00

, and his preferences are represented by the utility function

x_(1)^(0.4)x_(2)^(0.1)

.\ 1st attempt\ Assuming that both Joe and Hammad are maximizing their utility, what is Joe's marginal rate of substitution? Round your answers to two decimal places.

Burritos (x1) cost $15.00 each. A cup of coffee (x2) costs $3.00. Joe's income is $530.00, and his preferences are represented by the utility function x10.1x20.4. Hammad's income is $570.00, and his preferences are represented by the utility function x10.4x20.1. 1st attempt Assuming that both Joe and Hammad are maximizing their utility, what is Joe's marginal rate of substitution? Round your answers to two decimal places