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The prices of two goods X and Y are: Px = ' 5 and Py = ' 3, respectively. If a consumer spending his entire income on these two commodities is at a point on the budget constraint where MRSxy (marginal rate of substitution of X for Y) is 3 : 1, then

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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


The prices of two goods X and Y are: Px = ' 5 and Py = ' 3, respectively. If a consumer spending his entire income on these two commodities is at a point on the budget constraint where MRSxy (marginal rate of substitution of X for Y) is 3 : 1, then






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