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Question 14: (i) Find the Marginal Rate of Substitution for between good X and Y, that is :3 Question 14: (i) Find the Marginal Rate
Question 14: (i) Find the Marginal Rate of Substitution for between good X and Y, that is E, for each of the utility functions below. (ii) Explain (in general) what the marginal rate of substitution between good x and y tells us. What does it tell us in the specific case of the perfect substitutes utility function (h) U = xy U = xy2 a. b. C. d. e. f. g. h. j. U = x2y2 U = xl/3y2/3 U = (x/400) + (y/400) U = x + Iny
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