Third largest city of a country

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Reference no: EM137108

Q1. The third largest city of a country has a population of 12.5 million. Using the ranksize rule, what is the population of the 12th largest city?

Q2. 3. A customer must divide $250 between the consumption of product X and product Y. The market price for X = $5 and market price for Y =$10. A) Show how the consumer's option change when the price of good X increase to $10. B) How does this change alter the market rate of substitution between good X and good Y.

Reference no: EM137108

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