The consumers utility function is given by U(X,Y) = MIN(X, 4Y), and the given bundle is X

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The consumers utility function is given by U(X,Y) = MIN(X, 4Y), and the given bundle is X = 3 and Y = 1.
i) MRS =
ii) Draw your graph in this space:

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Microeconomics

ISBN: 9781464146978

1st Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Mar 21, 2018 05:03 AM

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The consumers utility function is given by U(X,Y) = MIN(X, 4Y), and the given bundle is X

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The A is the point where the bundle is in this case MRSinfinity Because the M...View the full answer

Microeconomics

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