Economics If a consumer has a utility function of U = x + 2y, which statement is true? The MRSy→x = -1/2; x and y are perfect substitutes The MRSy→x = -2; x and y are perfect substitutes The MRSy→x = -1/2; x and y are perfect complements The MRSy→x = -1; x and y are perfect substitutes None of the above.
Economics If a consumer has a utility function of U = x + 2y, which statement is true? The MRSy→x = -1/2; x and y are perfect substitutes The MRSy→x = -2; x and y are perfect substitutes The MRSy→x = -1/2; x and y are perfect complements The MRSy→x = -1; x and y are perfect substitutes None of the above.
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.4P
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Economics
If a consumer has a utility function of U = x + 2y, which statement is true?
The MRSy→x = -1/2; x and y are perfect substitutes
The MRSy→x = -2; x and y are perfect substitutes
The MRSy→x = -1/2; x and y are perfect complements
The MRSy→x = -1; x and y are perfect substitutes
None of the above.
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