Given the following utility function: and marginal rate of substitution: A consumer facing the following prices: chooses to consume: U = 100x0.250.10 Given this consumption bundle, the marginal rate of substitution is equal to - Given this value, the consumer should consume MRS = - 0.25Y 0.10X Px = $10, Py =$10 20 units of good X and 16 units of good Y. (Round your answer to two decimal places. Note that the minus sign is already included.). in order to maximize his/her utility.

Given the following utility function: and marginal rate of substitution: A consumer facing the following prices: chooses to consume: U = 100x0.250.10 Given this consumption bundle, the marginal rate of substitution is equal to - Given this value, the consumer should consume MRS = - 0.25Y 0.10X Px = $10, Py =$10 20 units of good X and 16 units of good Y. (Round your answer to two decimal places. Note that the minus sign is already included.). in order to maximize his/her utility.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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