What is the marginal rate of substitution for the goods

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Reference no: EM132151234

Question: Answer the following questions:

1) State something you have a set budget for per week or per month.

a) Do you ever go over your budget? If so, why?

b) Are you ever under budget? If so, why?

c) If your income increases, would it effect your budget? How?

2) State two goods you like to purchase together. (Example: pizza and pop)

a) What is the marginal rate of substitution for these goods?

b) Does your marginal rate of substitution change if you are already consuming large amounts of one of those goods? If so, why?

Reference no: EM132151234

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