Chapter 6 Flashcards Preview

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Flashcards in Chapter 6 Deck (5)
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1
Q

Consumer Equilibrium

A

(MUx/Px) = (MUy/Py)

2
Q

(MUx/Px) > (MUy/Py)

A

Buy more X & less Y

3
Q

(MUx/Px)

A

Buy less X & more Y

4
Q

Total Utility Graph

A

Increasing and Concave

5
Q

Marginal Utility Graph

A

Decreasing and Convex