3.7 (0) Joan likes chocolate cake and ice cream, but after 10 slices ofcake, she gets tired of cake, and eating more cake makes her less happy.Joan always prefers more ice cream to less. Joan's parents require her toeat everything put on her plate. In the axes below, use blue ink to draw aset of indifference curves that depict her preferences between plates withdifferent amounts of cake and ice cream. Be sure to label the axes.(a) Suppose that Joan's preferences are as before, but that her parentsallow her to leave anything on her plate that she doesn't want. On thegraph below, use red ink to draw some indifference curves depicting herpreferences between plates with different amounts of cake and ice cream.

Answered: 3.7 (0) Joan likes chocolate cake and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A9
Belinda loves chocolate and always thinks that more is better than less. Belinda thinks that a few piano lessons would be worse than none at all, but if she had enough piano lessons to get good at playing the piano, she would prefer more lessons to less. Draw a graph with chocolate on the horizontal axis and piano lessons on the vertical axis. On your graph sketch two indifference curves for Belinda that would be consistent with this story. Label the better of the two indifference curves AA and the worse one BB. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
1. Briefly Explain why convex preferences mean that "averages are preferred to extremes."
5) Consider indifference curves for the consumption of milk and chocolates (you may assume that both are 'goods'). The indifference curves are drawn with the number of chocolate bars on the horizontal axis and pints of milk on the vertical axis. Suppose that at every point, consumer A's indifference curve is flatter than consumer B's. What can you conclude about consumers A and B tastes and preferences?
7) A consumer has to choose the optimal amount of cheese and crackers to purchase. He or she has drawn his or her budget constraint (BC) and indifference curves on a graph with the amount of cheese (in ounces) on the horizontal axis and the amount of crackers (in packages) on the vertical axis. Which of the following statements is true if the price of crackers declines? The BC shifts to the left (down). The BC shifts to the right (up). The BC rotates such that it intersects the horizontal axis at the same point as before and intersects the vertical axis at a lower point. The BC rotates such that it intersects the horizontal axis at the same point as before and intersects the vertical axis at a higher point.
Draw the indifference curves fort he preference indicated below. (Do not forget to represent the name of the axis) 1) Marry lives by the motto "eat, drink and be merry today, for tomorrow doesn't matter." (Hint: Today's consumption is measured on the horizontal axis and tomorrow's consumption is measured on the vertical axis) 2) Boris likes homework (H) but hates exercise (E). 3) Bianca's marginal utility of pizza equals 2 and her marginal utility of salad equals 4 always. ww www www 4)Adam is very picky about his tahin-pekmez. He always mixes one spoon of tahin with two spoons of pekmez. 5)Marty likes rap and rock music. Marty's preferences exhibit a diminishing marginal rate of subsitution between the two types of music. wwwwww 6) Beatrix hates studying both economics and history. The more time she spends studying either subject, the less happy she is.
Problem 3 (Perfect Complements) Trevor always begins his day with a strawberry milkshake. He makes it by mixing milk (x1) with five strawberries (r2). The secret of a really good nilkshake lies in the optimal proportion of milk and fruit: one glass always comes with five strawberries! a) Plot in a diagram Trevors' preferences (indifference map). Depict three indifference curves that pass through the following bundles (5, 1), (10, 10) and (15,4). What is the MRS at each of these points? b) What utility function represents these preferences (make sure you use right coefficients defining proportion). On the graph from a), indicate the level of utility corresponding to cach indifference curve. c) Multiply your utility function by ten and add to it constant equal to two. How did the indifference map change (explain why)? How was the level of utility associated with the each indifference curve affected? d) Trevor spends $100 per month on his favorite milkshake, and pays $1 for a glass of…
12 2 4 6 8 Water (bottles per day) The figure above shows three of a consumer's indifference curves. Which point is most preferred? Point Conly Point Gonly Point Jonly Points Cand G are tied for the most preferred. More information is needed to determine which point is most preferred. 2.
In your own words, explain what indifference curves are. Give 4 properties of indifference curves.
I need it in words not handwritten and don't copy from other place pleaseee do itttt your own solution
Please help! I am confused why this is wrong... it seems right... but I am confused why it's not.
4- An indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. Food Clothing a) Danyal is obsessed with food and clothes. Assume you have no knowledge of the budget line, what point would Danyal prefer to be at. b) Why can't two indifference curves not intersect, explain and illustrate your answer. c) As we move from point c to f, who's marginal rate of substitution declines.

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