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(b) At the most affordable point, what is Kerry’s marginal rate of substitution (MRS) of good X for good Y? Explain briefly how you obtain the result.
(c) Copy the budget line and indifference curve I2 on your answer sheet. Suppose the prices of good X decrease by $2 per unit. Sketch (as accurately as you can) the new budget line in the diagram and indicate the new equilibrium point by drawing an additional indifference curve.
Attachment:- 531759_1_Eco.docx
The marginal revenue product of labor is: a. how much labor can be purchased with the revenue from the sale of one more unit of the good. b. how much does the marginal revenue change when you add more labor. c. the same as the marginal revenue produc..
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