The equilibrium condition for a consumer who is spending all of his or her budget on two commodities, A and B, is given by: a. MUA = MUB b. MUA / PB = MUB / PA c. MUA / PA = MUB /PB d. PA = PB 2. The marginal utility of a commodity is: a. an indication of the last use to which the commodity has been put or the use to which it would next be put if more were available. b. equal to the price of that commodity. c. the ratio of the total utility generated by consuming that commodity to the total utility of all other commodities that are consumed. d. the extra utility yielded by consuming each successive unit of that commodity. e. the same thing as the total utility derived from consuming that commodity. 3. The price elasticity of demand equals the: a. absolute price change divided by the absolute quantity change between two points on a demand curve. b. percentage change in revenue divided by the percentage decrease in price. c. percentage change in revenue divided by the percentage increase in quantity demanded. d. percentage change in quantity demanded divided by percentage change