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Qs.2. Given the indifference map, Find: a) MRS for the three indifference curves and

Question: Qs.2. Given the indifference map, Find: a) MRS for the three indifference curves and fill the columns in the table provided. b) Consumer’s equilibrium if Px-7, Py-10 and the budget constraint – 118. c) Plot the indifference curve, budget constraint and show the equilibrium graphically. Qt 1 2 3 4 5 6 7 8 9 1-0 Oy 10 5 3 2.3 1.7 11 1.2 0.8 0.5 25532 0.3 0.2Show transcribed image textAnswer :- MRS= change in Y/ change in X For 11, At equilibrium, MRS = Px/Py Px/Py = 7/10= 0.7 MRS=Px/Py i.e. MRS= 0.7 at Qx= 4 and Qy= 2.3 this is…View the full answerTranscribed image text: Qs.2. Given the indifference map, Find: a) MRS for the three indifference curves and fill the columns in the table provided. b) Consumer’s equilibrium if Px-7, Py-10 and the budget constraint – 118. c) Plot the indifference curve, budget constraint and show the equilibrium graphically. Qt 1 2 3 4 5 6 7 8 9 1-0 Oy 10 5 3 2.3 1.7 11 1.2 0.8 0.5 25532 0.3 0.2 MRS XI Qx 3 4 5 67899 10 12 Oy 10 7 5 25209 4.2 3.5 3332 3.2 3.0 2.9 RS Ox 5 6- 7 .8 12 9 7 6.2 – 9 5.5 5.2 89612 13 10 25555 4.9 MRS

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