Explain what mrs12 is

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Please help me for following questions

Question 1: Explain what MRS12 is (without referring to indifference curves.) Then, explain why the consumer's utility is not maximised at a point where MRS12 > p1/p2.

Question 2: Carefully explain why the firm's profit is not maximised at a point where the price elasticity of demand is below one

Reference no: EM132445926

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