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Suppose that the utility function of the Gates is given by U(?, ?) = ?? , where x represents food and y represents other goods.
Suppose that the utility function of the Gates is given by U(?, ?) = ?? , where x represents food and y represents other goods. The marginal utilities of x and y are U, = ? and U , = ? , respectively. b. Derive the MRS x,y as a function of x and y. Explain in words what the marginal utility U, is. ? M?? ? ? ? ? The marginal utility of x is the additional utility that a consumer derives from consuming an additional unit of x when holding the quantity of y constant
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