Given the utility function1/2 1/2U = x₁x₂find a general expression for MRCS in terms of x₁ and x₂.

The marginal rate of substitution is the rate at which a consumer can exchange a tiny fraction of…

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Given the utility function U = x/²x/2 find a general expression for MRCS in terms of x₁ and x₂.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the utility function
1/2 1/2
U = x₁x₂find a general expression for MRCS in terms of x₁ and x₂.

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