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A consumer's preference is represented by U The market prices are and consumer's income What is the MRS What is the optimal consumption

A consumer's preference is represented by U(z,y) = (2-5)1/2 (y - 101/2. The market prices are P, = 4, P = 1 and consumer's income I = 110. a. What is the MRS.Y. b. What is the optimal consumption bundle for the consumer? c. Find the demand function of the consumer. d. Find the Engel Curve for good.

Apr 08 2020 View more View Less

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