ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Consumers in Georgia pay twice as much for avocados as they do for peaches. However, avocados and peaches are the same prices in California. If consumers in both states maximize utility, will the marginal rate of substitution of peaches for avocados be the same for consumers in both states? If not, which will be higher?

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Step 1: Define the Concept of Marginal Rate of Substitution (MRS):
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Step 2: Analyze the Marginal Rate of Substitution
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