According to our assumption, we can represent her preferences with the utility function
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According to our assumption, we can represent her preferences with the utility function

In Exercise 4.14, we discussed Latanya’s preferences for telephone conversation. According to our assumption, we can represent her preferences with the utility function U(B, J)  18B  20J, where B and J are minutes of conversation per month with Bill and Jackie, respectively. What is Latanya’s implied marginal utility of speaking with Bill? What is her implied marginal utility of speaking with Jackie? What is her MRS for minutes talking to Bill with minutes talking to Jackie

Hint
Accounts & Finance Marginal utility simply refers to the added satisfaction a consumer gets from having one more unit of a good or service. Marginal utility is used by economists to determine how much of an item consumers are willing to purchase at  a given market price ....

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