Two goods have independent marginal utilities if Show that if we assume diminishing marginal utility for each
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Two goods have independent marginal utilities if
Show that if we assume diminishing marginal utility for each good. then any utility function with independent marginal utilities will have a diminishing MRS. Provide an example to show that the converse of this statement is not true.
Related Book For
College Algebra Graphs and Models
ISBN: 978-0321845405
5th edition
Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna
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