Independent marginal utilities Two goods have independent marginal utilities if Show that if we assume diminishing marginal
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Independent marginal utilities
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
John E Freunds Mathematical Statistics with Applications
ISBN: 978-0134995373
8th edition
Authors: Irwin Miller, Marylees Miller
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