) John consumes two goods, X and Y. The marginal utility of X and the marginal utility of Y satisfy the following equations: MUX = Y MUY = X. The price of X is $9, and the price of Y is $12. %3D a. Write an expression for John's MRS. b. What is the optimal mix between X and Y in John's market basket? c. John is currently consuming 15 X and 10 Y per time period. Is he consuming an optimal mix of X and Y?
) John consumes two goods, X and Y. The marginal utility of X and the marginal utility of Y satisfy the following equations: MUX = Y MUY = X. The price of X is $9, and the price of Y is $12. %3D a. Write an expression for John's MRS. b. What is the optimal mix between X and Y in John's market basket? c. John is currently consuming 15 X and 10 Y per time period. Is he consuming an optimal mix of X and Y?
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 12PA
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