Individuals derive utility from picnics, p, and kayak trips, k. Assuming that an individual's utility is U(p, k) = k Superscript 0.5k0.5p Superscript 0.5p0.5 and income is $100, what is the marginal rate of substitution (MRS) between picnics and kayak trips? A. MRS = minus−1. B. MRS = 1. C. MRS = minus−one half 1 2 D. There is no substitution because picnics and kayak trips are perfect complements.
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Individuals derive utility from picnics, p, and kayak trips, k. Assuming that an individual's utilit...
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