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Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function
Um =X^2mYm and Fs preference with the utility
Uf = min{Xf, 2Yf}
Where Xm and Xf indicate their X consumption, while Ym and Yf indicate their Y consumption
a) Derive the MRS for M
b) Interpret F's utility function
c) Find and graph the contract curve
d) What is the ratio of the price of X to the Price of Y in competitive equilibrium?
e) To which allocation will M and F trade? Indicate this outcome clearly in your graph
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STATE AND EXPLAIN SLUTSKYS THEORM?
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
After I figure a table what do I do with it? I have no book and no study materials to answer my question
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True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable."
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