Individuals derive utility from picnics,p,and kayak trips,k.Assuming that an individual's utility is U(p,k)= k^0.5p^0.⁵ and income is $100,what is the marginal rate of substitution (MRS)between picnics and kayak trips? A) MRS = 1. B) MRS = -1. C) MRS = - D) There is no substitution because picnics and kayak trips are perfect complements.

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The Answer of Individuals derive utility from picnics,p,and kayak trips,k.Assuming that an individual's utility is U(p,k)= k^0.5p^0.⁵ and income is $100,what is the marginal rate of substitution (MRS)between picnics and kayak trips? A) MRS = 1. B) MRS = -1. C) MRS = - D) There is no substitution because picnics and kayak trips are perfect complements.

Individuals Derive Utility from Picnics,p,and Kayak Trips,k