[Uses the Indifference Curve Approach] The appendix to this chapter states that when a consumer is buying
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[Uses the Indifference Curve Approach] The appendix to this chapter states that when a consumer is buying the optimal combination of two goods x and y, then MRSy,x = Px/ Py. Draw a graph, with an indifference curve and a budget line, and with the quantity of y on the vertical axis, to illustrate the case where the consumer is buying a combination on his budget line for which MRSy,x > Px/Py.
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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