Adam consumes two goods: housing and food. a) Suppose we are given Adam's marginal utility of housing
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a) Suppose we are given Adam's marginal utility of housing and his marginal utility of food at the basket he currently consumes. Can we determine his marginal rate of substitution of housing for food at that basket?
b) Suppose we are given Adam's marginal rate of substitution of housing for food at the basket he currently consumes. Can we determine his marginal utility of housing and his marginal utility of food at that basket?
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a Yes we can determine the MRS as b No when we know ...View the full answer
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