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Copy the budget line and indifference curve i2 on your

(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.

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Copy the budget line and indifference curve i2 on your

Reference No:- TGS0656111

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Recent Questions Asked Microeconomics

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Solution Preview :

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Microeconomics: Copy the budget line and indifference curve i2 on your

Reference No:- TGS0656111

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