Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
Question
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Chapter 3, Problem 3.10P

(a)

To determine

To discuss:If α+β=1 is necessary to compute MRS and if the sum have any relevance to Cobb-Douglas theory.

(b)

To determine

To explain:Along with diagram, why MRS > 1 when α >β .

(c)

To determine

To discuss: If the function is homothetic.

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