Show a consumers budget constraint and indifference curves for wine and cheese. Show the optimal consumption choice.
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Show a consumer’s budget constraint and indifference curves for wine and cheese. Show the optimal consumption choice. If the price of wine is $3 per glass and the price of cheese is $6 per pound, what is the marginal rate of substitution at this optimum?
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Figure shows the consumers budget constraint and indifference cur...View the full answer
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