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With a Utility U( x1 , x2 ) = x1 3 x2 1 , x1 and x2 are the quantity of good 1 and good
- With a Utility U(x1, x2) = x13x21, x1 and x2 are the quantity of good 1 and good 2, measure the marginal rate of substitution (MRS) in functional form. What is MRS(1,1)?
- Following 1, If p1 (price of good 1) and p2 (price of good 2) are $40 and $20 with a budget of $800, what is the optimum consumption bundle (consumer's choice) if the budget must be finished with no saving?
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Managerial Economics Applications, Strategies and Tactics
Authors: James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
13th edition
1285420926, 978-1285962399, 978-1285947853, 1285947851, 978-1285420929
