practice1

practice1 - y to Joan is @U @y = 1 2 x 1 2 y & 1 2 3....

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Answer to practice problem from lecture 1 x 1 2 y 1 2 = u where u is an arbitrary constant. These could also be written y = u 2 x . 2. The marginal utility of good x to Joan is @U @x = 1 2 x 1 2 y 1 2 while the marginal utility of good
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Unformatted text preview: y to Joan is @U @y = 1 2 x 1 2 y & 1 2 3. Joan&s marginal rate of substitution of good x for good y is MRS = @U @x @U @y = 1 2 x & 1 2 y 1 2 1 2 x 1 2 y & 1 2 = y x 1...
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This note was uploaded on 09/23/2008 for the course ECON 11 taught by Professor Cunningham during the Summer '08 term at UCLA.

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