Homework Clinic
Social Science Clinic => Economics => Microeconomics => Topic started by: segrsyd on Jun 18, 2019
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Individuals derive utility from picnics, p, and kayak trips, k. Assuming that an individual's utility is and income is $100, what is the marginal rate of substitution (MRS) between picnics and kayak trips?
◦ MRS = -1.
◦ MRS = -
◦ MRS = 1.
◦ There is no substitution because picnics and kayak trips are perfect complements.
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MRS = -1.
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Excellent
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Great! Please up vote :D
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thank you
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thank you