-In 2008, Consumers in Dexter Consumed Only Books and Pens

question 349

Multiple Choice

-In 2008, consumers in Dexter consumed only books and pens. The prices and quantities for 2008 and 2009 are listed in the table above. The reference base period for Dexter's CPI is 2008. What is the cost of the CPI basket in 2009?

• A) $320
• B) $540
• C) $430
• D) $335

Grasp the significance of the utility maximization rule in consumer choice.

Understand the implications of negative marginal utility.

Learn about the diamond/water paradox and its relation to marginal value.

Grasp the effect of price changes on consumer decisions through the substitution and income effects.

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Definitions:

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