D now for a budget with different prices and the same

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d) Now for a budget with different prices and the same income, the consumer chooses the bundle (12, 6). The bundle (10, 7) is also on this budget. Use this information to draw the demand for one of these two good with two specific points identified on the demand. From this data, are baseball tickets and hockey tickets substitutes or complements? (4 points)
Practice MT #1BB 12 Price 12 (5, 12) 5 10 (12, 10) Demand for BB 1 for new price of BB is 10.  1 for demand is for BB.  1 for both points correct.  Don’t worry if they connect them or not.  1 point for substitutes.2. A consumer has the following utilities for good X and Y:Good XGood XGood YGood YQUQUQUQU130490140412025551002755135375610531006140a) If good X costs $3 per unit and good Y costs $4 per unit, and the consumer has $21 in income, find the utility maximizing bundle of (X,Y) (1 point)
b) Given what you know about utility maximizing bundles, find the MRS at the bundle you found in (a) and justify this value. (2 points)
c) Find two other points (X,Y) that are on the same indifference curve as your answer to (a). (2 points)
d) Use the information from (c) to give two different approximations for the value of the MRS at the point you found in (a). (3 points)
Practice MT #1e) Explain why your answers to (b) and (d) are consistent with each other. A picture may be helpful as part of your explanation, but is not required. (3 points)

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