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.A consumer's preference is represented by The market price for good x and y are P 1 P 3 respectively, and her income I 12 What are the marginal utility of x and

.A consumer's preference is represented by U2, y) = 2x1/2 +y. The market price for good x and y are P.= 1, Py = 3 respectively, and her income I = 12. (a) What are the marginal utility of x and y, MUZ, MU, ? What is the MRSy of the utility function? (b) What is the consumer's budget line? Can you graphically illustrate her optimal consumption bundle (ar, y).

Apr 08 2020 View more View Less

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