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Given utility function u(x,y) = xy/(x+y), and the budget constraint 4x+y = 27, what is the optimal value of x and y? Solve this using
Given utility function u(x,y) = xy/(x+y), and the budget constraint 4x+y = 27, what is the optimal value of x and y? Solve this using the MRS=MRT method only.
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Economics of Money Banking and Financial Markets
Authors: Frederic S. Mishkin
12th edition
134733821, 134733827, 9780134734507 , 978-0134733821
