Kellys utility function is given by U = 5X + 2Y, where MUX = 5 and MUY
Question:
a. What is MRSXY?
b. What is MRSXY when X = 1 and Y = 5? When X = 2 and Y = 2.5?
c. Draw a sample indifference curve.
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a MRS XY MU X MU Y 52 25 b MRS XY i...View the full answer
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ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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