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Sam’s utility function over goods X and Y is considered to be
U(X,Y) = 10X +5Y
His income is $100 and the price of X is $2 and the price of Y is $5.
a) Calculate the MRS or the marginal rate of substitution between X and Y.
b) How much X and Y will Sam buy to maximize his utility given his budget constraint and the prices of X and Y?
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A firm has fixed cost of 2,000.Its short-run production function is y+4X and one-half, where x is the amount of variable factor it uses. The price of the variable factor is $3,000 per unit. Illustrate where y is the amount of output the short-run..
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