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What is the marginal utility for candles and magazines

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Reference no: EM131853117

Errol consumes magazines and candles. His utility function for magazines (m) and candles (c) is U(m,c) = 45mc. The price of magazines is $5 each, and the price of candles is $10 each. Errol has $100 to spend.

A. What is the marginal utility for candles and magazines?

B. Write the expression for his budget line. Draw it.

C. What is Errol's marginal rate of substitution?

Reference no: EM131853117

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