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A consumer is consuming a bundle of goods in which her MRSXY is greater than PX /PY.
a. In a well-labeled diagram, show this situation using a budget constraint and indifference curve.
b. Is the consumer maximizing utility? If not, what should she do to maximize utility?
Visual Mnemonics
Memory aids that use vivid imagery to link information for easier recall.
Allan Paivio
A psychologist best known for his dual-coding theory, which posits that visual and verbal information are processed and stored differently in the memory.
Identifies
Recognizes, determines, or establishes the identity or essential qualities of something.
Serial-Position Effect
The tendency to recall the first and last items in a list more easily than those in the middle.
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