Final grade1009000Feasible frontierHours of free time per dayShow Transcribed Text16₂24IC₂16₂IC₂1. Explain what indifference curves represent and themeaning of their slope (MRS).2. Explain what the feasible frontier represents and themeaning of its slope (MRT).3. Compare Points A, B and E in terms of their feasibilityand Alexei's utility.4. Compare Points E and G in terms of their feasibilityand Alexei's utility.5. Compare Points C and D in terms of their feasibilityand Alexei's utility.6. Compare Points F and G in terms of their feasibilityand Alexei's utility.7. What is Alexei's optimal decision? Explain Alexei's MRTand MRS when they make their optimal decision.8. Compare MRS and MRT at Point A. If Alexei somehowchose A, how would he adjust his choice next time?***Please can I have detailed answers with relevantexplanations for better understanding.

Utility is a concept in economics that represents the satisfaction, pleasure, or well-being that an…

Final grade 100 90 Feasible frontier U Hours of free time per day Show Transcribed Text w G IC₂ 24 IC₂ ∙IC, IC, 1. Explain what indifference curves represent and the meaning of their slope (MRS).

Final grade 100 90 Feasible frontier U Hours of free time per day Show Transcribed Text w G IC₂ 24 IC₂ ∙IC, IC, 1. Explain what indifference curves represent and the meaning of their slope (MRS).

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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Question

Final grade
100
90
0
0
Feasible frontier
Hours of free time per day
Show Transcribed Text
16₂
24
IC₂
16₂
IC₂
1. Explain what indifference curves represent and the
meaning of their slope (MRS).
2. Explain what the feasible frontier represents and the
meaning of its slope (MRT).
3. Compare Points A, B and E in terms of their feasibility
and Alexei's utility.
4. Compare Points E and G in terms of their feasibility
and Alexei's utility.
5. Compare Points C and D in terms of their feasibility
and Alexei's utility.
6. Compare Points F and G in terms of their feasibility
and Alexei's utility.
7. What is Alexei's optimal decision? Explain Alexei's MRT
and MRS when they make their optimal decision.
8. Compare MRS and MRT at Point A. If Alexei somehow
chose A, how would he adjust his choice next time?
***Please can I have detailed answers with relevant
explanations for better understanding.

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