Post by: Haya94 on Jun 18, 2019
Post by: johnharpe on Jun 18, 2019
See the above figure. Along that indifference curve, when:
S = 3, L = 27. MUL = 0.5 ∗ (S/L)0.5 = 1/6.
MUS = 0.5 ∗ (L/S)0.5 = 1.5.
MRS of L for S = -MUS/MUL = -9.
Joe is willing to give up 9 lobsters to get another soda.
Post by: matiaslunam on Sep 20, 2021
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alt="" /><br />
See the above figure. Along that indifference curve, when:<br />
S = 3, L = 27. MU<span style="vertical-align: sub;">L</span> = 0.5 ∗ (S/L)<span style="vertical-align: super;">0.5</span> = 1/6.<br />
MU<span style="vertical-align: sub;">S</span> = 0.5 ∗ (L/S)<span style="vertical-align: super;">0.5</span> = 1.5.<br />
MRS of L for S = -MU<span style="vertical-align: sub;">S</span>/MU<span style="vertical-align: sub;">L</span> = -9.<br />
Joe is willing to give up 9 lobsters to get another soda.