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Business, 24.02.2020 20:19 beccadoyle0809

Charlie consumes apples and bananas. His two indifference curve equations are x2 = 20−4x1/2 1 and x2 = 24−4x1/2 1 where x1 is his consumption of apples and x2 is his consumption of bananas. He has quasilinear utility. What is Charlie’s marginal rate of substitution, MRS(x1,x2) when he is consuming the bundle (10, 21) and when he is consuming the bundle (8, 10)? HINT: Given these two indifference curve equations, first find the utility function and then find the MRS.

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Charlie consumes apples and bananas. His two indifference curve equations are x2 = 20−4x1/2 1 and x2...
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