Question
Like Dana, Eric has standard consumer preferences over two goods: ice cream and chocolate. Eric's marginal rate of substitution of ice cream for chocolate is
Like Dana, Eric has standard consumer preferences over two goods: ice cream and chocolate. Eric's marginal rate of substitution of ice cream for chocolate is 2.
The total utility of ice cream is twice the total utility of chocolate for Eric
The total utility of ice cream is half the total utility of chocolate for Eric
Neither of the above.
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Puzzle Of Latin American Economic Development
Authors: Patrice Franko
2nd Edition
0742524663, 9780742524668
