Calculate mul-mus and mrs of l for s on indifference curve
Suppose Joe's utility for lobster (L) and soda (S) can be represented as U= L 0.5 S0.5. Draw the indifference curve that yields a utility level of 9. Calculate the MUL, MUS, and MRS of L for S on that indifference curve when S=3.
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Draw the indifference curve that yields a utility level of 9. Calculate the MUL, MUS, and MRS of L for S on that indifference curve when S=3.
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