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Rina8888 [55]
1 year ago
5

Julio receives utility from consuming food​ (F) and clothing​ (C) as given by the utility function . In​ addition, the price of

food is ​$3 per​ unit, the price of clothing is ​$8
per​ unit, and​ Julio's weekly income is​ $50.
Part 2
What is​ Julio's marginal rate of substitution of food for clothing when utility is​ maximized? Explain.
Part 3
​Julio's marginal rate of substitution equals
Business
1 answer:
AleksandrR [38]1 year ago
6 0

​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

<h3>Marginal rate of substitution</h3>

Using this formula

Marginal rate of substitution=Price of food/Price of clothing

Let plug in the formula

Marginal rate of substitution=$3 per unit/$8 per unit

Marginal rate of substitution=0.375

Marginal rate of substitution=0.38 (Approximately)

Therefore ​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

Learn more about  marginal rate of substitution here:brainly.com/question/13401044

#SPJ1

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