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Park is always willing to give up 1 orange for 4 tangerines. (1)What is the size ofMRS TO (marginal rate of substituting tangerine for orange)

Park is always willing to give up 1 orange for 4 tangerines.

(1)What is the size ofMRS_TO(marginal rate of substituting tangerine for orange) for Park?

(2)What is the economic meaning of MRS_TO?

(3) Suppose that the price of one orange is $1 and the price of one tangerine is $0.30.Which fruit should Park buy between orange and tangerine?Use the economic meaning of MRS_TOto justify your answer

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