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).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0431dcdd-d9c3-4d2b-8fa1-5b0e8efbb134%2Fafd6c648-2a94-45d2-b04a-f6af430d38e8%2Ff1wyn_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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