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utility function: u = x1 x2 (x1:flour, x2:rice) consumer's income = $2400 cost of 1kg of flour = $20 cost of 1kg of rice = $ 30 1.

utility function: u = x1 x2 (x1:flour, x2:rice)
consumer's income = $2400
cost of 1kg of flour = $20
cost of 1kg of rice = $ 30
1. what is the marginal rate of substitution between flour and rice?
2. what is the amount of rice and amount of flour he should be consumed to maximize his utility?


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