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Good Evening! Can you explain the answer to this question for me? If a consumer's marginal rate of substitution of good X for good Y
Good Evening!
Can you explain the answer to this question for me?
If a consumer's marginal rate of substitution of good X for good Y (MRSxy) is equal to 2, then the:
A Consumer is willing to give up two units of X for one unit of Y
B Slope of a line tangent to the indifference curve at that point is 2.
C Slope of a line tangent to the indifference curve at that point is -2
Thanks!
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