a) What is the MRS of a well behaved indifference curve? b) If price 2 is increasing but less than price 1, what will happen to the slope of budget line? c) What are the preference relations of these group of people X, Y, Z, and the relation "at least as tall as" as in "X is at least as tall as Y".

a) What is the MRS of a well behaved indifference curve? b) If price 2 is increasing but less than price 1, what will happen to the slope of budget line? c) What are the preference relations of these group of people X, Y, Z, and the relation "at least as tall as" as in "X is at least as tall as Y".

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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