ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Let u(x₁, x₂) = 4x₁ + x₂ be the utility function.
2
1. Sketch the indifference curves corresponding to utility levels 2 and 4. Clearly label your
graph.
2. What is the marginal rate of substitution for good 1 (state the unit of measurement)?
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Transcribed Image Text:Let u(x₁, x₂) = 4x₁ + x₂ be the utility function. 2 1. Sketch the indifference curves corresponding to utility levels 2 and 4. Clearly label your graph. 2. What is the marginal rate of substitution for good 1 (state the unit of measurement)?
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