Business, 11.03.2020 20:06, Maxwell2539

1. When there are two goods (X and Y), the consumer's optimum is typically found by locating the basket where the marginal value of X in terms of Y equals PX/PY. Explain in words what this equality means, and describe two situations where the consumer's optimum is not characterized by this equation.

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1. When there are two goods (X and Y), the consumer's optimum is typically found by locating the bas...