Given the following utility function: and marginal utilities: A consumer facing the following prices: chooses to consume Assume that graphically good X is on the horizontal axis and good Y is on the Given this consumption bundle, the marginal rate of substitution is equal to - Given this value, the consumer should consume U = 2X + 2Y MU, -2, MU, = 2 P, = $2, P, -5 15 units of good X and 19 units of good Y. vertical axis. (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 utilities: A consumer facing the following prices: chooses to consume Assume that graphically good X is on the horizontal axis and good Y is on the Given this consumption bundle, the marginal rate of substitution is equal to - Given this value, the consumer should consume U = 2X + 2Y MU, -2, MU, = 2 P, = $2, P, -5 15 units of good X and 19 units of good Y. vertical axis. (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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Consider the following utility function: U = 100x°.50,0.50 A consumer faces prices of P, = $2 and P, =$1 Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 6 units of good X and 11 units of good Y. Then the marginal rate of substitution is equal to: MRS = (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) Use absolute values. 15 stv МacВook Air 80 DI esc F1 F2 F3 F4 F5 F6 F7 F8 @ %23 2$ & 1 2 4 6 7 8 Q W T Y tab A S F H J K aps lock C V M control option command B H
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