Different students at World's Greatest University (W.G.U.) have different pref erences about economics. Draw the indifference curves associated with each of the following statements. Measure "economics books" along the horizontal axis and "books about other subjects" along the vertical. Draw arrows indicating the direction in which utility is increasing. a. "I care only about the total amount of knowledge I It is the same whether that is economics knowledge or of any other kind. That is, all books on all subjects are perfect substitutes for me." b. "I hate the Serrano-Feldman textbook and all other economics On the other hand, I love everything else in the W.G.U. curriculum." c. "I really like books about economics because I want to understand the economic world. Books about other subjects make no difference to me." d. "I like all my courses and the liberal education that W.G.U. offers. That is, I prefer to read books on a variety of different subjects, rather than to read lots on one subject and little on the others."
Different students at World's Greatest University (W.G.U.) have different pref erences about economics. Draw the indifference curves associated with each of the following statements. Measure "economics books" along the horizontal axis and "books about other subjects" along the vertical. Draw arrows indicating the direction in which utility is increasing.
a. "I care only about the total amount of knowledge I It is the same whether that is economics knowledge or of any other kind. That is, all books on all subjects are perfect substitutes for me."
b. "I hate the Serrano-Feldman textbook and all other economics On the other hand, I love everything else in the W.G.U. curriculum."
c. "I really like books about economics because I want to understand the economic world. Books about other subjects make no difference to me."
d. "I like all my courses and the liberal education that W.G.U. offers. That is, I prefer to read books on a variety of different subjects, rather than to read lots on one subject and little on the others."
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