Business, 26.02.2020 05:01, lalalaaldgydyhg8823

Given the following utility function: Upper U equals 100 Upper X Superscript 0.25 Baseline Upper Y Superscript 0.75 U = 100X0.25Y0.75 and marginal rate of substitution: MRS equals negative StartFraction 0.25 Upper Y Over 0.75 Upper X EndFraction MRS = − 0.25Y 0.75X A consumer facing the following prices: Px = $ 10 10, Py =$ 1 1 chooses to consume: 12 12 units of good X and 19 19 units of good Y. Given this consumption bundle, the marginal rate of substitution is equal to minus − 0.53 0.53 (Round your answer to two decimal places. Note that the minus sign is already included.). Given this value, the consumer should consume more Y and less X in order to maximize his/her utility.

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