Suppose Carloss utility for two goods is given as U(x₁,x₂) = min{3x₁;2x₂}

1. What is the value of the marginal rate of substitution?

2. Write out his Marshallian demands for x₁ and x₂, as functions of P₁, P₂, and m.

3. Now, solve for these when P₁ = 20, P₂ = 15, and m = 200.

4. Is this an interior or corner solution?

5. Is the budget exhausted here? Yes/no

6. What is the value of utility when its maximized with your solution in b?