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

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.4P

See similar textbooks

Similar questions

We claimed in the text that if preferences were monotonic, then a diagonal line through the origin would intersect each indifference curve exactlyonce. Can you prove this rigorously? (Hint: what would happen if itintersected some indifference curve twice?)
3
4 Assume you are always willing to trade two Cardinal tickets for one beer, or one beer fortwo Cardinals tickets, create an indifference map showing this relationship for threelevels of utility. Calculate the MRS for each indifference curve.
the second part of the question
I am unsure the direction the utility functions would go in , with this specific scenario
Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?
What do we mean by well-behaved preferences? How do the indifference curves look like for suchpreferences? Provide an example, in terms of a utility function, where preferences are not well-behavedand illustrate. Provide a figure with indifference curves and a budget line where there are exactly twosolutions to the utility maximization problem.
a. A consumer is willing to trade 3 units of x for 1 unitof y when she has 6 units of x and 5 units of y. She isalso willing to trade in 6 units of x for 2 units of y whenshe has 12 units of x and 3 units of y. She is indifferentbetween bundle (6, 5) and bundle (12, 3). What is theutility function for goods x and y? Hint: What is theshape of the indifference curve?b. A consumer is willing to trade 4 units of x for 1 unitof y when she is consuming bundle (8, 1). She is alsowilling to trade in 1 unit of x for 2 units of y when sheis consuming bundle (4, 4). She is indifferent betweenthese two bundles. Assuming that the utility function isCobb–Douglas of the form U (x, y) = xα y β, where α andβ are positive constants, what is the utility function forthis consumer?c. Was there a redundancy of information in part (b)? Ifyes, how much is the minimum amount of informationrequired in that question to derive the utility function?
Can you help me answer these 2 questions
plz solve it within 30-40 mins I'll give you multiple upvote
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
Help me with this one