The following questions refer to the following graph of a consumer's indifference curve.
Y axis 0,10, 20, 30, 40
X axis 0, 10, 20, 30, 40
Point A set at 10x and 30y
Point C sets at 20 x and 15y
Point B set at 30x and 10y
Questions a) What is the consumer's marginal rate of substitution between points A and C?______
Moving between these points, the consumer is willing to give up_____units ofY for another X or _____units of X for another Y.
b) What is the consumer's marginal rate of substitution between points C and B?_____
Moving between these points the consumer is willing to give up _____ units of Y for another X or _____units of X for another Y.
c) At this point C the consumer's marginal rate of substitution at point is approximately ____. This means that the consumer is willing to substitute at a rate of _____ units of Y for one moew X or _____X for one Y.