The textbook says that the marginal rate of substitution is equal to the slope. Is it...
The textbook says that the marginal rate of substitution is equal to the slope. Is it a rule or there can be cases when slope and mrs have different values. Can you provide any examples on the graph?
Homework Answers
Yes, this is a rule.
Actually, the slope of an indifference curve is known as the Marginal Rate of Substitution (MRS). Any slope can be defined as the change in the quantity of one good due to change in the quantity of other good.
MRS explains the same. It tells us how much the consumer is willing to consume a good in relation to other good.
Let X and Y be the two goods.
then, MRSx,y = dY/dX = derivative of Y with respect to X
Below graph shows the MRS at moving from point A to B and from Point B to C
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The textbook says that the marginal rate of substitution is
equal to the slope. Is it...
. Given that the slope of an indifference curve at any point is the “marginal rate...
. Given that the slope of an indifference curve at any point is the “marginal rate of substitution” between Y and X explain/prove that MRS is equal to the ratio of the consumer’s marginal evaluation of good X to his/her marginal evaluation of good Y (i.e. MRS = -MUx/MUy). (2 pts)
what is the marginal rate of substitution (MRS)? a) The ratio of the amounts of the...
what is the marginal rate of substitution (MRS)? a) The ratio of the amounts of the two goods at a point on the indifference curve. b) The amount of one good that the consumers is willing to trade for one unit of the other. c) The change in the consumers utility when one good is substituted for another. d) The slope of the indifference curve.
i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph...
i) Find the Marginal Rate of Substitution at the given bundle,
and ii) use a graph to indicate the given bundle,
and accurately draw the indifference curve that
goes through that bundle. Be sure to label you graph carefully and
accurately. In all cases put the amount of good X on the horizontal
axis, and the amount of good Y on the vertical axis.
c) The consumers utility function is given by U(X,Y)-4X + 2Y and the given bundle is...
can someone help me Question 1 1 pts The Marginal Rate of Substitution is the slope...
can someone help me
Question 1 1 pts The Marginal Rate of Substitution is the slope of the indifference curve. O True O False
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the in that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given by...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given...
2. What's the definition of marginal rate of substitution? What happens to the MRS as you...
2. What's the definition of marginal rate of substitution? What happens to the MRS as you move along a convex indifference curve? A linear indifference curve?
Peminat mobil Toyota Innova diketahui mempunya marginal rate of substitution (MRS) dari space (luas interior) dan...
Peminat mobil Toyota Innova diketahui mempunya marginal rate of substitution (MRS) dari space (luas interior) dan percepatan (acceleration) yang rendah. Sedang peminat mobil Ferarri mempunyai MRS yang tinggi. Gambarkan indifference curve dari kedua kelompok tersebut dan jelaskan. Toyota Innova car enthusiasts are known to have a low marginal rate of substitution (MRS) of space (interior area) and acceleration (acceleration). Ferarri car enthusiasts have a high MRS. Draw the indifference curve of the two groups and explain.
Which of the following pairs of utility functions have the same marginal rate of substitution (MRS)?...
Which of the following pairs of utility functions have the same marginal rate of substitution (MRS)? ?+?;?^2+?^2 ?+?;(?+?)^2 2??; 6?? a. and b. b. and c.
3. Given a utility function U(x, y) -rys, (a) Show that the marginal rate of substitution,...
3. Given a utility function U(x, y) -rys, (a) Show that the marginal rate of substitution, MRS (b) For commodity bundles for which y how does the MRS depend on the values of α and β? Develop an intuitive explanation of why, if α > β, MRS > 1.
i) Find the Marginal Rate of Substitution at the given bundle,
and ii) use a graph to indicate the given bundle,
and accurately draw the indifference curve that
goes through that bundle. Be sure to label you graph carefully and
accurately. In all cases put the amount of good X on the horizontal
axis, and the amount of good Y on the vertical axis.
c) The consumers utility function is given by U(X,Y)-4X + 2Y and the given bundle is...
can someone help me
Question 1 1 pts The Marginal Rate of Substitution is the slope of the indifference curve. O True O False
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the in that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given by...
1. (18 points) For each of the following situations, i) Find the Marginal Rate of Substitution at the given bundle, and ii) use a graph to indicate the given bundle, and accurately draw the indifference curve that goes through that bundle. Be sure to label you graph carefully and accurately. In all cases put the amount of good X on the horizontal axis, and the amount of good Y on the vertical axis. a) The consumers utility function is given...
2. What's the definition of marginal rate of substitution? What happens to the MRS as you move along a convex indifference curve? A linear indifference curve?
3. Given a utility function U(x, y) -rys, (a) Show that the marginal rate of substitution, MRS (b) For commodity bundles for which y how does the MRS depend on the values of α and β? Develop an intuitive explanation of why, if α > β, MRS > 1.
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