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TEA [102]
3 years ago
5

Explain why taking a monotonic transformation of a utility function does not change the marginal rate of substitution (MRS).

Business
1 answer:
fredd [130]3 years ago
7 0

Explanation:

Monotonic transformation refers to changing the quantity of both the variables in a way that their ranking or order is preserved. Monotonic transformation of a utility function does not change the marginal rate of substitution as the order of preferences remains intact with the monotonic transformation. It's just the level of utility that either increases or decreases with such a transformation. The indifference curve shape remains the same. With monotonic transformation, consumer moves from a lower to higher or higher to lower indifference curve.

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Suppose total deposits in the first bank of commerce are $200,000 and required reserves are $10,000. based on this information,
Bas_tet [7]
0.05

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3 years ago
Dave makes payments of 100 at the end of year 1, 300 at the end of year 3, 500 at the end of year 5 and so on until he makes his
inn [45]

Answer:

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Explanation:

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Refer to the attached spreadsheet to assist with the calculations and the answer given above.

Download xlsx
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