Consider the following utility function: U=10X+20Y A consumer faces prices of Px = 2$ and Py =10$
Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 17 units of good X and 7 units of good Y. Then the marginal rate of substitution (MRS) is equal to:
MRS=?
(Enter your response rounded to two decimal places. Do not forget to include the negative sign.)
The consumer should consume only good X Or only good Y OR the same amount of good X and Y
to maximize utility.