Suppose that the basket of goods purchased by the typical consumer costs $188.80 this year and it cost $160 in the base year. The CPI in the base year would be

Why do accountants and economists calculate a firm's cost and profit in different ways?

What will be an ideal response?

If an individual's utility function is quasi-concave, his or her MRS will:

a. diminish as x is substituted for y. b. increase as x is substituted for y. c. be undefined except in special cases. d. always depend only on the ratio of x to y.