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Suppose Michael purchases only two goods, hamburgers (H) and Cokes (C).
a) What is the relationship between MRS H,C and the marginal utilities MU H and MU C ?
b) What is a typical indifference curve for the case in which the marginal utilities of both goods are positive and the marginal rate of substitution of hamburgers for Cokes is diminishing. Explain the relationship between the indifference curve and the marginal rate of substitution of hamburgers for Cokes.
c) Suppose the marginal rate of substitution of hamburgers for Cokes is constant. In this case, are hamburgers and Cokes perfect substitutes or perfect complements?
d) Suppose that Michael always wants two hamburgers along with every Coke. Draw a typical indifference curve. In this case, are hamburgers and Cokes perfect substitutes or perfect complements?
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