h) Giffen goods i) Marginal Rate of Substitution j) Suppose I have a function f(x1, x2) = provide two examples of monotonic transformations and two examples of transformations that are not monotonic. V¤, + VTz. Using this function

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Chapter1: Making Economics Decisions
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Define the following terms and give an example: (see attached image)

h) Giffen goods
i) Marginal Rate of Substitution
j) Suppose I have a function f(x1, X2) = VT, + V¤2. Using this function
provide two examples of monotonic transformations and two examples of
transformations that are not monotonic.
Transcribed Image Text:h) Giffen goods i) Marginal Rate of Substitution j) Suppose I have a function f(x1, X2) = VT, + V¤2. Using this function provide two examples of monotonic transformations and two examples of transformations that are not monotonic.
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