Bart and Lisa are both optimizing consumers in themarkets for shirts and hats, where they pay $100for a shirt and $50 for a hat. Bart buys 8 shirts and4 hats, while Lisa buys 6 shirts and 12 hats. Fromthis information, we can infer that Bart’s marginalrate of substitution is _________ hats per shirt, whileLisa’s is _________.a. 2; 1b. 2; 2c. 4; 1d. 4; 2
Bart and Lisa are both optimizing consumers in themarkets for shirts and hats, where they pay $100for a shirt and $50 for a hat. Bart buys 8 shirts and4 hats, while Lisa buys 6 shirts and 12 hats. Fromthis information, we can infer that Bart’s marginalrate of substitution is _________ hats per shirt, whileLisa’s is _________.a. 2; 1b. 2; 2c. 4; 1d. 4; 2
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Bart and Lisa are both optimizing consumers in the
markets for shirts and hats, where they pay $100
for a shirt and $50 for a hat. Bart buys 8 shirts and
4 hats, while Lisa buys 6 shirts and 12 hats. From
this information, we can infer that Bart’s marginal
rate of substitution is _________ hats per shirt, while
Lisa’s is _________.
a. 2; 1
b. 2; 2
c. 4; 1
d. 4; 2
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