According to his preferences, Peter will always be willing to give up 10 ounces beer for 1 ounce of cheese. Paul, on the other hand, has preferences by which he will always give up 10 ounces of cheese for 1 ounce of beer. According to this information, please answer the following:
Required:
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Get Help Now!Question 1: What is the characteristic of Peter’s preferences? Do they exhibit a diminishing marginal rate of substitution between cheese and beer? Please explain, why or why not?
Question 2: Now let’s assume that Peter and Paul have the same money income to spend on both beer and cheese. Please determine who will purchase the most beer and why?
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