Question: 3. Jason purchases only two commodities. His preferences are characterized by the utility function U(x1, x2) = min{4x1, x2} Suppose that p1 = $8, p2

3. Jason purchases only two commodities. His preferences are characterized by the utility function U(x1, x2) = min{4x1, x2} Suppose that p1 = $8, p2 = $3, and M = $100. a) Write down Jason's budget equation. b) Find Jason's optimal consumption bundle (x 1 , x 2 ) using the MRS method.

4. Earl purchases only two commodities. His preferences are characterized by the utility function U(x1, x2) = x1 + x2 Suppose that p1 = $8, p2 = $3, and M = $100. a) Write down Earl's budget equation. b) Find Earl's optimal consumption bundle (x 1 , x 2 ) using the MRS method.

please write out the MRS method Im confused

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