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If a consumer is initially at an optimum, and then the price of Y decreases, then

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If a consumer is initially at an optimum, and then the price of Y decreases, then

Question 1.

The real-income effect of a price change is most significant when

• the substitution effect is insignificant.

• the marginal utility per dollar spent on the last unit is high.

• the substitution effect is significant too.

• the good under consideration constitutes a major portion of the consumer's budget.

Question 2.

If a consumer is initially at an optimum, and then the price of Y decreases, then

• MUX/MUY < PY/PX.

• MUX/PX > MUY/PY.

• MUX/PX < MUY/PY.

• MUX/PX = MUY/PY.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 52 times

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Bakari

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You make an excellent tutor!

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