Suppose that a consumer consuming two commodities x and y has utility function of:
u(x, y) =x...
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Business, 06.01.2020 15:31 622ghernandezc
Suppose that a consumer consuming two commodities x and y has utility function of:
u(x, y) =x y . the prices of the two commodities are 12 birt and 4 birr respectively.
if the consumer has a total income of 240 birr to be spent on the two goods:
a) find the utility maximizing quantities of good x and y.
b) find the mrsxyat equilibrium and interpret the result
c) find mrsyx at equilibrium and interpret the result
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