Economists use "indifference curves" to indicate individuals' preferences. These curves are parallel to each other and do not intersect. Which of the following statements is true? A) The further away an indifference curve is from the origin at (0,0), the lower is the individual's happiness.  B) On a downward-sloping indifference curve, the points lower down (towards the right-hand-side) on the curve are preferred by the individual.  C) The closer an indifference curve is to the origin at (0,0), the higher is the individual's happiness.  D) The further away an indifference curve is from the origin at (0,0), the higher is the individual's happiness.

Q: Indifference curves are convex with respect to the origin. Thus they are steeper on the [Select ] v…

A: The indifference curve is the curve that exhibits equal utility to the consumer by the combination…

Q: Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y).…

A: Utility function: U = Min (2X, Y) --------------------- Budget constraint: Price of good X (Px) = $2…

Q: At each point on an indifference curve:             total utility is the same.             the…

A: The indifference curve analysis is based ordinal measurement of utility.  Ordinal measurement of…

Q: Please draw the indifference curve of u(x1,x2) = max {x1,x2} in the graph. Also please try to make…

A: We have utility function  u(x1,x2) = max {x1,x2}

Q: State the reason that why indifference curves never intersect each other. Furthermore, why higher…

A: An indifference curve shows the various combinations of two goods that give the consumer equal…

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: Write down and explain the four properties of indifference curve.provide adequate graphs

A: The indifference curve shows various combinations of two goods that give the same level of utility…

Q: Tim consumes pizza (P) and soda (S). Consider the following 4 possible market bundles: A: P=0.5 S=3…

A: Tim consumes pizza (P) and soda (s). Consider the following 4 possible market bundles: Bundle…

Q: Explain why non-convex indifference curve has a corner solution instead of interior solution?

A: IC (Indifference curve) shows the different agreement of two commodities between which a consumer is…

Q: Q) U = xy and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？   Explain it…

A: An Indifference curve represents different combinations of two goods ( say , good X and good Y )…

Q: Sophia’s preferences over donuts (D) and coffee (C) are represented by the utility function:…

A: The utility function implies donuts and coffee are perfect complements and consumed in fixed…

Q: Which one of the following is incorrect about the indifference curves? All combinations in an…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

Q: If the price of one of the products is associated with indifference curves increase, all else the…

A: Answer - If the price of one of the products is associated with the indifference curves increase,…

Q: Question 6 Sketch one indifference curve that has the following form: U(x, y) = 3min (x,y) + y

A: If you have any questions let me know in comment box thankyou for your question.

Q: As a consumer moves along an indifference curve, then each point to the right will show higher…

A: Indifference curve is an indicative curve for any firm which shows combination providing equal…

Q: Indifference curves show the Multiple Choice O total utility of combinations of two products.

A: Indifference curve refers to the graphical representation of all possible combination of two goods…

Q: 9) If indifference curves are concave to the origin, then at equilibrium: A) The indifference curve…

A: Indifference curve is the locus of different combination of two goods that a consumer can consume…

Q: Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

A: The indifference curve shows us the consumption of two commodities that are consumed by the consumer…

Q: will the consumer’s optimal choice be interior or in a corner and, if the latter, then in which…

A: The concave indifference curve are the one where the utility is maximised at the corner point.The…

Q: Assume that there are two goods in the world: apples and bananas. Say that Natalie has a ility…

A: Hi there , as per our guidelines we are only allowed to solve 1 question with maximum 3 sub parts at…

Q: Let Pp denote the price of pizza, and let Ph denote price of hamburgers.  In addition, let MUp…

A: An indifference curve shows a combination of two goods in various quantities that provides equal…

Q: discuss the three assumptions of indifference curves.

A: "Utility is the usefulness of a commodity for the consumer." When the consumer derives the same…

Q: Consider that there are two goods, good X and good Y. a) Give the definition of "indifference curve"…

A: In economics, the term "consumer preference" refers to the decisions that consumers make to maximise…

Q: Why indifference curves never intersect. Prove graphically?

A: IC(indifference curve) shows us the various combination of two products/goods where the buyer is…

Q: Consider a budget line drawn with apples on the vertical axis and oranges on the horizontal axis.…

A: Initial Income = 100 Price of Apple = 5 Price of Orange = 10   Income decreases to 75

Q: Use the image 2.2 below to answer this question. The slope of the indifference curve is given by…

A: Marginal utility describes the benefits or utility obtained from consumption of a commodity. It is…

Q: Explain how indifference curves can never cross.

A: Indifference curves can never cross each other. We can explain this with the help of the two axioms…

Q: Depict utility function on a number line: U(x)=(x-6)^2 Indifference set around x=3 Lower contour set…

A: Utility function is defined as a function that measures the satisfaction derived by a consumer as a…

Q: What would the indifference curve for a utility function of u(c,l)=log(c)-l look like if MRS =…

A: Indifference curve is tue two goods possible combination which give same satisfaction level to the…

Q: Given the indifference map and the budget line of the consumer, show with a diagram how does the…

A: Taking  MRS = MU1/ MU2 and price ratio = P1/P2. Satisfaction is maximized when MRS = Price ratio.

Q: How to explain indifference curve and also describe the properties of indifference curve?

A:

Q: There are two goods x and y. A consumer has utility function U(x, y) = min(2x, y). The price of good…

A: A utility function in economics represents a mathematical expression that quantifies an individual's…

Q: Carol needs to decide how to spend her wealth on fish and chicken. For Carol, 1 lb of fish is…

A: The curve which depicts quantities of two of the goods that tend to provide a consumer with equal…

Q: For any two goods (things you would like more of): Select one or more: Indifference curves are…

A: An indifference curve is a graph that connects points on a graph that represent various quantities…