Calculate mrs for the product combination

Reference no: EM131010263

Assume that an individual has the utility function U(x, y) = x^0,8y^0,2, where x and y are variables for the number of units for two different products. Assume further that the individuals utility function U(x,y) = 1.

Calculate the MRS, then calculate MRS for the product combination (x,y)= (1,1). Calculate the implicit derivative first then the value for the given point.

Reference no: EM131010263

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