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Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. Paul's utility function is U=TN0.5. What is the marginal rate of transformation, Pt/Pn?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9478685

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