Given the Utility Function U(x₁,x₂)= Min(x₁,x₂), the Marginal Rate of Substitution

question 99

Multiple Choice

Given the utility function U(x₁,x₂) = min(x₁,x₂) , the marginal rate of substitution when x₁ exceeds
X₂ is:

• A)undefined.
• B)one.
• C)zero.
• D)infinite.

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Definitions:

Radical

A mathematical symbol (√) used to denote the square root or nth root of a number or expression.

Expression

A combination of symbols that represents a mathematical concept or quantity.

Radical Expression

An expression that includes a radical sign, signifying the root of a number.

Simplify

To alter an expression into its simplest form by combining like terms, reducing fractions, or applying other algebraic rules.