[Answered] Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are ...

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Author Question: Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are ... (Read 897 times)

jhjkgdfhk

Hero Member
Posts: 569

Reply #30 on: Jun 18, 2019

Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max is currently at point d,
◦ the absolute value of his MRS is larger than the trade-off offered by the market.
◦ he is not maximizing his utility.
◦ he is willing to give up more chicken than he has to, given market prices.
◦ All of the above.

Microeconomics ¦ Perloff ¦ 8^th Edition

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fffftttt

Sr. Member
Posts: 322

Reply #31 on: Jun 18, 2019

All of the above.

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