Question: If the utility function (U) between bananas (B) and jam (J) can be represented as U(B,J) = 3ln(B)+4ln(J), what is the marginal rate of substitution
If the utility function (U) between bananas (B) and jam (J) can be represented as U(B,J) = 3ln(B)+4ln(J), what is the marginal rate of substitution (MRSBJ) between bananas and jam?
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The marginal rate of substitution MRS represents the rate at which a consumer is willing to give up ... View full answer
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