Suppose that Jason's utility is entirely based on number of hours of skiing (X) and skating (Y). His utility function is as follows: U (X,Y)= 5X + 3Y 1. Sketch Jason's indifference curves.
Suppose that Jason's utility is entirely based on number of hours of skiing (X) and skating (Y). His utility function is as follows: U (X,Y)= 5X + 3Y 1. Sketch Jason's indifference curves.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
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![2. Perfect Substitutes
Suppose that Jason's utility is entirely based on number of hours of skiing (X) and
skating (Y). His utility function is as follows:
U (X,Y)= 5X + 3Y
1. Sketch Jason's indifference curves.
2. What is Jason's marginal rate of substitution (MRS) between skiing and skating?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5e22c97-eaaa-48d5-931c-af54a38196b6%2F79d9f2c5-0cb8-4d1a-b8bf-bd3e569d0615%2Fpt54jcn_processed.png&w=3840&q=75)
Transcribed Image Text:2. Perfect Substitutes
Suppose that Jason's utility is entirely based on number of hours of skiing (X) and
skating (Y). His utility function is as follows:
U (X,Y)= 5X + 3Y
1. Sketch Jason's indifference curves.
2. What is Jason's marginal rate of substitution (MRS) between skiing and skating?
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