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2. Theory of the Consumer (10 points) Why would we expect a rational consumer, who consumes positive quantities of two goods X and y, to equate the marginal rate of substitution between them with the relevant X price ratio (i.e., MRSxy = ) ? In the process of answering the question, you should y define the marginal rate of substitution both in words and mathematically (hint: think about moving along an indifference curve). Then relate the mathematical expression to one obtained from the solution of the consumer's problem of maximizing utility subject to a budget constraint.
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