Explain what their utility functions have in common

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Reference no: EM133395991

Question 1: Calculate MRS for each of them and explain what their utility functions have in common.

Now think about that at the current prices, both of them have the same bundle of (x1, x2) (9,16). Show that you can use this information to show the value of parameter K.

Question 2: Now, think about how each consumer gets an extra $1 of income. Who increases their consumption of concert, uA or uB? Or is it impossible to calculate?

Reference no: EM133395991

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