Question 1 Calculate the marginal rate of substitution (MRS12) for the following utility function: U(91,92) = 74√9₁ +0.6(92)² What is the value of MRS12 at bundle (9, 3)? Please round your final answer to two decimal places if necessary.

Question 1 Calculate the marginal rate of substitution (MRS12) for the following utility function: U(91,92) = 74√9₁ +0.6(92)² What is the value of MRS12 at bundle (9, 3)? Please round your final answer to two decimal places if necessary.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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