Find the marginal rate of substitution

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Reference no: EM13978573

A consumer has the following utility function U(x,y) = ln(x) + y

given prices px = 1, py = 10 and income m = 30

(a) find the marginal rate of substitution,

(b) find the interior solution to the consumer's. Utility maximization problem,

(d) find the optimal consumption bundle of x and y.

(e) if the price of good y is py = 2, how does your answer to part d change?

Reference no: EM13978573

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