Draw the indifference curves when: i) X is water pollution, Y is air pollution, ii) X is beautiful scenery during sunset in the beach, Y is bad scent from the garbage domestic tourists throw away in the beach, iii) X is Manifest—a trending Netflix series, Y is Hermes scarf, iv) X is fake news or hoax, Y is journalist’s work winning the Pulitzer prize, v) X is good, Y is neutral

Q: It is known that the indifference curve is convex. What does this tell you about the relationship…

A: The indifference curve refers to the graphical representation of different combinations of two goods…

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A: Consumers operate within a budget constraint,(BC). This is the limit on their spending determined by…

Q: Why do we expect that indifference curves will never cross?

A: The economics as a study is based upon the idea that the economies, or the societies around the…

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A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: - For the following expressions of preference, draw a few indifference curves and an arrow to…

A: Indifference curve is the consumption of combination of goods that provides equal satisfaction to…

Q: In analyzing consumer behavior, economists often use indifference curves to represent a consumer's…

A: In economics, an indifference curve (IC) is a graphical illustration of a consumer's preferences for…

Q: Ji-ho watches both movies and sports. He likes variety and prefers to watch a balanced mix of both…

A: Here we have to plot the JI-ho's Indifference Curve.Indifference Curve: In microeconomics, a…

Q: Consider an exchange economy with two consumers, Jack and Blue, who trade only two goods: Cookies…

A: Pareto optimality is a concept in economics that refers to a state where it is not possible to…

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A: Normal goods and inferior goods are characterized based on how a good's demand responds to a change…

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A: Indifference curve: Indifference curve shows different combinations of 2 goods such that consumer’s…

Q: Susan buys bagels and falafels. The price of a falafels is £1 and the price of a bagels is £3. Susan…

A: Price of F=1Price of B=3M=12Budget constraintPF*F+PB*B=<M1*F+3*B=<12

Q: If a budget line is below the indifference curve. What does this mean? Are the points on the…

A: # given the prices of the two goods a budget line always represents the combination of goods which…

Q: Describe in detail, explaining detail, and provide a matching drawing of your own budget constraint

A: Income refers to the money that an individual or entity receives, usually in the form of wages,…

Q: What are indifference curves?

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: 3. Sam has set aside $480 for entertainment this month, which is golf (x) and/or bowling (z). A…

A: Given utility function is form of perfect substitute utility function, perfect substitute goods…

Q: Ch06-16 S13 4:28 Doughnuts =$2.00 and Books = $24 %3D BUS202 Ch06 v2 16 Budget Constraints, Utility,…

A: Consumer always aims for utility maximization. Utility maximization means individuals always seek to…

Q: Which of the following would have an indifference curve drawn as a right angle? plastic containers…

A: Indifference curve is a graph which shows various combinations of two goods that give same level of…

Q: Ana is in a band and likes to advertise upcoming shows using flyers she posts around the city.…

A:

Q: Alex has a monthly budget of $72 to spend on commuter train trips and organic pasta. Each train trip…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: ive an example of inferior good and an example of normal good that you have encountered and how has…

A: Inferior goods are those goods of which the demand for products decreases and income level…

Marginal Rate of Technical Substitution

MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.

Preferences and Utility Analysis

Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.