The Consumer's Optimum Choice Is Represented by

question 271

Multiple Choice

The consumer's optimum choice is represented by

• A)MU_x/MU_y = P_x/P_y.
• B)MU_x/P_x = MU_y/P_y.
• C)MRS_xy = P_x/P_y.
• D)All of the above are correct.

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Definitions:

Simplify

To alter a mathematical expression or equation to make it easier to understand or work with, often by reducing it to its simplest form.

Evaluate

To evaluate in mathematics means to calculate the value of an expression by substituting numbers for variables and performing the indicated operations.

Rule Of Correspondence

A fundamental concept in mathematics that refers to how every element of one set is assigned to one or more elements of a second set, often exemplified in functions.

Ordered Pairs

Pairs of numbers used to represent positions on a graph, with the first number indicating horizontal position and the second number indicating vertical position.