Chapter 6 Flashcards by Jaga Tranvo

Q

Consumer Equilibrium

A

(MUx/Px) = (MUy/Py)

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Q

(MUx/Px) > (MUy/Py)

A

Buy more X & less Y

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Q

(MUx/Px)

A

Buy less X & more Y

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Q

Total Utility Graph

A

Increasing and Concave

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Q

Marginal Utility Graph

A

Decreasing and Convex

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