C 12 Good X Good X Good X This picture shows three different indifference curve maps: A, B and C. All three represent different preference relationships between two goods; good X and good Y. Juliana has two friends, Halley and Joana. For this problem, let good X be time spent with Hailey and good Y be time spent with Joana. When asked which friend Juliana wants to spend the most time with, she can't decide and likes both of them equally. Which of the three pictures represents these preferences? B. None of them. Apoop B. A poop poop

C 12 Good X Good X Good X This picture shows three different indifference curve maps: A, B and C. All three represent different preference relationships between two goods; good X and good Y. Juliana has two friends, Halley and Joana. For this problem, let good X be time spent with Hailey and good Y be time spent with Joana. When asked which friend Juliana wants to spend the most time with, she can't decide and likes both of them equally. Which of the three pictures represents these preferences? B. None of them. Apoop B. A poop poop

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

List and briefly explain each of the four properties of indifference curves. Provide an example where you have made a buying decision based on one or more of these properties.
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.
Tessa likes both ice-creams and pies. However, if she eats too much of them, she gets sick. That is, cating ice-creams or pics beyond a certain amount lowers Tessa's utility. Draw a set of indifference curve which might represent Tessa's preferences for ice-creams and pies.
|When Matt is buying cards and toys (C, T), his preferences are well behaved and he is indifferent between (60, 16) and (30, 24). For the following combinations, determine which he prefers, or if he is indifferent between the two. Show how you know. A. (31, 25) or (59, 15) B. (60, 16) or (45, 20)
Muoki says, “I’d rather see an action movie than a comedy, and I’d rather see a comedy than a foreign film. But given the choice, I think I’d rather see a foreign film than an action movie. Which of these statements about individual preferences is violated?A. Muoki’s preference ordering is completeB. Muoki’s indifference curves are convex to the originC. Muoki’s indifference curves are negatively slopedD. Muoki’s preferences are transitive
What happens to utility when we move up and down on the indifference curve? What happens to utility when we move up across the indifference map?
Only typed answer Oscar makes purchases of an existing product (X) such that the marginal utility of the last unit he consumes is 10 utils and the price is $5. He also tries a new product (Y) and the marginal utility of the last unit he consumes is 8 utils and the price is $1. The equal marginal principle suggests that Oscar should Multiple Choice increase his consumption of product X and decrease his consumption of product Y. increase
can u solve all questions below with step by step explanation?
Please help! I am confused why this is wrong... it seems right... but I am confused why it's not.
12 There are two goods and John's preferences can be represented by u: R²0 R given by u(x) = x₁³x2³. His income and price of the two goods are given by (M, P1, 20 P2) = (12, 1, 2). Which 2 of the following 8 options are false: In John's optimal bundle, he consumes the same amount of good 1 as good 2. If we change John's utility function to u(x) = x + then John's optimal bundle remains unchanged. At John's optimal bundle, the slope of the budget constraint equals the slope of the indifference curve. In John's optimal bundle, he spends the same amount on good 1 as good 2. John's preferences satisfy local non-satiation. At John's optimal bundle, his bang per buck of good 1 equals his bang per buck of good If we change John's utility function to u(x) = In (17 +x₁x₂) then John's optimal bundle remains unchanged. If we change the budget set to (M, P1, P2) = (24, 2, 4) then John's optimal bundle remains unchanged.
Illustrate and explain how consumer equilibrium is achieved using the indifference curve?