We need to find the area between the two curves. As for inputs we have a,b (The axes of the ellipse). R(The radius of the circle) and Theta(The angle that the circles center makes with the horizontal axis) Also the ellipse is centred at the origin. I figured out tha...
Consumer equilibrium occurs where the budget line is ___ to the ___ possible indifference curve. a. Why are indifference curves convex to the origin? Explain what Marginal Rate of Substitution (MRS) means? When would indifference curves be linear, vertical or horizontal? b. Ex...
U(X, Y ) = X^2 + Y^2 a) Find the marginal rate of substitution, b) discuss how MRS XY changes as the consumer substitutes X for Y along an indifference curve, c) derive the equation for the indifference curve where uti...
Why reprex? Getting unstuck is hard. Your first step here is usually to create a reprex, or reproducible example. The goal of a reprex is to package your code, and information about your problem so that others can run it…
Be sure to label your graph accurately, and identify the vertical and horizontal intercepts. (Please pu Consumer equilibrium occurs where the budget line is ___ to the ___ possible indifference curve. An individual has the utility function a) Find his consu...