Homework Answers
1)
| Between Points | Marginal rate of substitution |
| A and B | (52-38)/(10-8) = 7 |
| C and D | (25-11)/(24-14) = 1.4 |
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10. Deriving demand from an Indifference map Megan lives in Dallas and enjoys drinking lattes and eating scones. The price of a latte is held constant at $3 throughout this problem. On the following graph, the purple curves (I, and I?) represent two of Megan's Indifference curves. The lines BC and BC show two budget constraints. Points X and Y show Megan's optimum consumption bundles subject to these budget constraints. 20 18 16 14 12 LATTES 10 2 BC BC...
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