-Refer to the above table. If the consumer's equilibrium consists of 3 magazines and 6 books, then we know that
A) the price of a magazine is 4.5 times more than the price of a book.
B) the price of a magazine is 6 times more than the price of a book.
C) the price of a book is 2 times more than the price of a magazine.
D) the price of a book is 3 times more than the price of a magazine.

Question

-Refer to the above table. If the consumer's equilibrium consists of 3 magazines and 6 books, then we know that
A) the price of a magazine is 4.5 times more than the price of a book. 
B) the price of a magazine is 6 times more than the price of a book. 
C) the price of a book is 2 times more than the price of a magazine. 
D) the price of a book is 3 times more than the price of a magazine.

Quizplus · Accepted Answer

In consumer equilibrium, the marginal utility per dollar spent on each good is equal. If the consumer buys 3 magazines and 6 books, the price of a magazine must be 6 times more than the price of a book to maintain this equilibrium.

-Refer to the Above Table