Consumers in Queensland pay twice as much for avocados as they do for peaches. However, avocados and peaches are equally priced in SA. If consumers in both states maximize utility (and have identical preferences), will the marginal rates of substitution of peaches for avocados be the same for consumers in both states? If not, which will be higher? (Hint: Draw graphs.Consumers in Queensland pay twice as much for avocados as they do for peaches.However, avocados and peaches are equally priced in SA. If consumers in both statesmaximize utility (and have…
Consumers in Queensland
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