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OpenStudy (anonymous):
Seem to have completely forgotten how to do MRS. Can anyone help? Carol lives for two-periods. Her utility from consumption in periods 1 and 2 is given by U(C1, C2) = (C1^α)(C2^(1−α), where 0.5 ≤ α ≤ 1. She has income of Y1 and Y2 in periods 1 and 2, respectively, and no initial wealth. What is her MRS between first and second period?
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