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Marginal rate of substitution

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Reference no: EM131608259

Maria is the only person in an island, and she has an endowment of 14 units of X and 7 units of Y.

Her utility function is: u(X, Y) = ln(X) + 5 ln(Y)

a. Find the marginal utility of X and Y .

b. Find the marginal rate of substitution when Maggie consumes all her endowment.

Reference no: EM131608259

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