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Algebraic expression for the marginal rate

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Reference no: EM132140565

Max has a utility function u(x, y) = 16x - 2x 2 + 4y. The prices of x and y are both px and py. Max has an income m.

How much of each good will he demand? Find the algebraic expression for the marginal rate of substitution between goods x and y. In addition, give a concise explanation of the meaning of the marginal rate of substitution.

Reference no: EM132140565

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