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24 March, 18:26

If Joseph chooses combination of apples and oranges along his budget line where the marginal rate of substitution of apples in place of oranges is 2 and the price of an apple is $0.50 and the price of an orange is $0.10, then Joseph:

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  1. 24 March, 20:41
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    Answer and Explanation:

    The marginal rate of substitution provide information about Two substitute goods or products

    In the following situation, a marginal rate of Substitution of apple is higher than oranges, it means apple consumption gives twice utility as oranges,

    So Joseph will choose to consume more apples and fewer oranges to fulfill and maximize his total utility.
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Home » Business » If Joseph chooses combination of apples and oranges along his budget line where the marginal rate of substitution of apples in place of oranges is 2 and the price of an apple is $0.50 and the price of an orange is $0.10, then Joseph:
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