Essay
Assume an individual is currently using all of his income to consume two goods - X and Y.If the prices of X and Y are $3 and $8,respectively,and the marginal rate of substitution of X for Y is four,is this individual maximizing his net benefits from consumption? If not,what should he do to increase his total utility?
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The individual is not maximizing his tot...View Answer
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Correct Answer:
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