Question
Suppose that Alex's marginal rate of substitution of pizza for hamburger is equal to 2. a)How many pizzas would Alex give up for 1 additional
Suppose that Alex's marginal rate of substitution of pizza for hamburger is equal to 2.
a)How many pizzas would Alex give up for 1 additional hamburger?
b)How many hamburgers would Alex give up for 1 additional pizza?
c)Suppose Liz's marginal rate of substitution of pizza for hamburger is equal to 4. Does Liz value pizza more or less than Alex? Explain?
Graph and use prior economics knowledge!
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Econometric Analysis Of Cross Section And Panel Data
Authors: Jeffrey M Wooldridge, J M Wooldridge
2nd Edition
0262232588, 9780262232586
