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Business, 30.10.2019 06:31 kimjooin02

Jezz has the quasi log-linear utility function u(q1,q2) = q1 + 2ln(q2) jezz has an income of $100 and faces prices p1 = p2 = 20. a. what is the marginal rate of substitution for this utility function? b. solve for jezz's optimal bundle. c. suppose jezz's income falls to $20. what will happen to his optimal bundle? is the mrs = mrt at the optimal bundle?

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Jezz has the quasi log-linear utility function u(q1,q2) = q1 + 2ln(q2) jezz has an income of $100 an...
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