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Define briefly: Explain why if preferences are strictly convex then utility maximization implies that the marginal rate of substitution equals the price ratio.

Question: Define briefly: Explain why if preferences are strictly convex then utility maximization implies that the marginal rate of substitution equals the price ratio.Define briefly: Explain why if preferences are strictly convex then utility maximization implies that the marginal rate of substitution equals the price ratio.
Answer:- As we know, convex preferences are a sequence of different outcomes for an individual, generally with…View the full answer

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