Jon is always willing to trade one can of Coke for one can of Sprite, or one
Question:
a. What can you say about Jon’s marginal rate of substitution?
b. Draw a set of indifference curves for Jon.
c. Draw two budget lines with different slopes and illustrate the satisfaction-maximizing choice. What conclusion can you draw?
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a Jons marginal rate of substitution can be defined as the number of cans of Coke he would be willin...View the full answer
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