Question 1 (10 marks) A consumer, Jessie, has an income of $1,200 to spend on goods X and Y, where good Y is the composite
Question 1 (10 marks) A consumer, Jessie, has an income of $1,200 to spend on goods X and Y, where good Y is the composite good (therefore priced at $1 per \"unit\"). Good X rstly has a price of $10 per unit, then this price increases to $15 per unit. Jessie's MRS, measured at any point along her indifference curve, is given by the formula: Y/4X
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