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djsmyers djsmyers
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6 years ago
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?
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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RumkoRumko
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#1
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6 years ago
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6 years ago
Helped a lot
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This site is awesome
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You make an excellent tutor!
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