ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 2.5P
To determine
To Determine:
The point at which diminishing marginal returns set in.
Concept Introduction: At unit 4, marginal returns sets in because after unit 5 marginal product declines. Diminishing marginal returns means the MP of the variable input is falling and become negative. This happens when a unit increase in the variable input causes TP to fall.
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The preferences of a consumer are represented by the following utility function:
U = min (×1, 2x2)
If income is 100 and p1=p2=1
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b) If p₁=4, what is the new optimal bundle?
c) If p2=4, what is the new optimal bundle?
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