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QUESTION
Why can Ms. Bain not consume at point Y in Figure 7.10?
- Why can Ms. Bain not consume at point Y in Figure 7.10?
- Suppose Ms. Bain is now consuming at point V in Figure 7.10. Use the marginal decision rule to explain why a shift to X would increase her utility.
- Suppose that you are a utility maximizer and so is your economics instructor. What can you con- clude about your respective marginal rates of substitution for movies and concerts?
