To determine the consumer price index (CPI), _____
a. the values of the current market basket at current and base-year prices need to be known
b. the values of the base-year market basket at current and base-year prices need to be known
c. the values of the current market basket at current prices and the base-year market basket at base-year prices need to be known
d. only the current market basket at base-year prices needs to be known
e. only the current market basket at current prices needs to be known
b
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With a given income and prices of goods, Marcus will be in a consumer equilibrium if ________
A) his marginal utility from all goods is the same B) he purchases the same amounts of all goods C) he maximizes his total utility D) his marginal utility from all goods is at its maximum
A consumer satisfies the condition ________ when her indifference curve is just tangent to her budget constraint.
A. MUx/Px = MUy/Py B. TUx = TUy C. MUx = MUy D. TUx/Px = TUy/Py