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There are two goods, x and y. The consumers' utility is U=3x3y². The price of x is Px=10, the price of y is P=5. Income |=100. What is the marginal utility for x (MUX) function in terms of x and y? What is the marginal rate of substitution MRS. function? What is the optimal relationship between x and y? What is the optimal consumption for x and y (how many units of x and y to be consumed to make the consumer most happy)?

There are two goods, x and y. The consumers' utility is U=3x3y². The price of x is Px=10, the price of y is P=5. Income |=100. What is the marginal utility for x (MUX) function in terms of x and y? What is the marginal rate of substitution MRS. function? What is the optimal relationship between x and y? What is the optimal consumption for x and y (how many units of x and y to be consumed to make the consumer most happy)?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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There are two goods, x and y. The consumers' utility is U=3x3y². The price of x is Px=10, the price of y is P=5. Income |=100. What is the marginal utility for x (MUX) function in terms of x and y? What is the marginal rate of substitution MRS. function? What is the optimal relationship between x and y? What is the optimal consumption for x and y (how many units of x and y to be consumed to make the consumer most happy)?
Transcribed Image Text:There are two goods, x and y. The consumers' utility is U=3x3y². The price of x is Px=10, the price of y is P=5. Income |=100. What is the marginal utility for x (MUX) function in terms of x and y? What is the marginal rate of substitution MRS. function? What is the optimal relationship between x and y? What is the optimal consumption for x and y (how many units of x and y to be consumed to make the consumer most happy)?
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