Essay
Cashews are sold in either 8-ounce (C8) or 16-ounce (C16) cans.
a. Write an equation that represents a person's utility function for C8 and C16.
b. What is the MRS? (Assume that 16-ounce cans are measured on the y-axis and 8-ounce cans are measured on the x-axis.)
Correct Answer:
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a. U = 2C16 ...View Answer
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Correct Answer:
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