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Jim’s utility function for good x and good y is U(x, y) = X^1/4*Y^3/4. 1. Calculate...

Jim’s utility function for good x and good y is U(x, y) = X^1/4*Y^3/4.

1. Calculate Jim’s marginal utilities for good x and good y.

2. Calculate Jim’s Marginal rate of substation of his utility function.

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