Good X B A IC2 Good Y At B, the MRS is greater than the opportunity cost of Y At B, the MRS is greater than the opportunity cost of X O At C, the MRS is greater than the opportunity cost of Y At C, the MRS is greater than the opportunity cost of X O At B, the person would be happier consuming less of X and more of Y because the value of Y in exchange is less than the MRS At C, the person would be happier consuming less of X and more of Y because the value of Y in exchange is less than the MRS

Good X B A IC2 Good Y At B, the MRS is greater than the opportunity cost of Y At B, the MRS is greater than the opportunity cost of X O At C, the MRS is greater than the opportunity cost of Y At C, the MRS is greater than the opportunity cost of X O At B, the person would be happier consuming less of X and more of Y because the value of Y in exchange is less than the MRS At C, the person would be happier consuming less of X and more of Y because the value of Y in exchange is less than the MRS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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