Question
Consider Jenny. At her current consumption bundle, Jenny's MRS XY is -10. a.Answer the value of good X in terms of good Y to her
Consider Jenny. At her current consumption bundle, Jenny's MRSXYis -10.
a.Answer the value of good X in terms of good Y to her and the value of good Y in terms of good X to her.
Value of X:
Value of Y:
b.If Jenny's MUX= 3, how much is her MUY?
Consider Mike. His income is 1,000, PXis 100 and PYis 200. Can he buy the bundle of 2 units of X and 4 units of Y? If yes, is the bundle on the line of his budget constraint?
Can he buy the bundle?
If yes, on the budget constraint?
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Essentials Of Business Law
Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
0324537123, 9780324537123
