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: Discuss how indifference applies to how we consume goods and services.

A: The study of how people spend their money based on their own preferences and economic constraints is…

Q: How is the ordinal utility concept different from the cardinal utility concept

A: The key difference between Cardinal and Ordinal Utility lies within the undeniable fact that…

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…

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

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

Q: c. "I love eating peanut butter. However, I hate cheese because it has a very bad smell that makes…

A: A person is indifferent at any point on the IC(indifference curve) and he will always prefer a…

Q: Why Indifference curve of a rational consumer cannot be parallel to x-axis and y-axis?

A: Indifference curve shows the different possible combination of two goods that gives the same level…

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…

Q: Question 1. Below are the choices made by Albert, Brittney, and Calvin when choosing from different…

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: a) When a = 2, Jeff optimally watches episodes of Show 1..... (fill in the blank) b) ... and he…

A:

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…

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

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

Q: What is cardinal utility theory?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: Arthur spends his income on bread and chocolate. Chocolate is a good from which Arthur gets a…

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: How a demand curve can be derived with budget constraint- indifference curve framework? Explain

A: A demand bend portrays how much amount of a product will be purchased or demanded at different…

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: Does the quantity of the good on the y-axis affect the consumer's utility if the indifference curve…

A: The indifference curve describes the potential pairings of two commodities that produce the same…

Q: 1. What is the optimal allocation of each of the goods within budget? 2. What is the marginal rate…

A: Disclaimer: - since you asked multipart question, we are solving 3 subparts as per guidelines. If…

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: Recitation 1. Bart and Maggie are Pitt students who are allocating their budget for carrying bags…

A: Disclaimer:As per the guidelines I can only solve 3 subparts please repost the question for solving…

Q: What information is contained in an indifference curve? Why are such curves (a) Downward sloping and…

A: The indifference curve consists of a set of points that represents a different combination 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.