I asked four of my friends to state their preferences for peanut butter (good c) and jelly (good y) in their sandwiches. See below what they told me. For each of the statements: (1) sketch a graph with two indifference curves (label them as U₁ and U₂) representing their preferences for peanut butter and jelly; (2) indicate the direction of preferences (i.e., direction of increased utility). a) I like peanut butter and jelly. For me 2 ounces of peanut butter and 1 ounce of jelly are interchangeable. b) I like peanut butter, but neither like nor dislike jelly. c) I like jelly, but dislike peanut butter. d) I like both peanut butter and jelly and I have a diminishing marginal rate of substitution of faniall.

I asked four of my friends to state their preferences for peanut butter (good c) and jelly (good y) in their sandwiches. See below what they told me. For each of the statements: (1) sketch a graph with two indifference curves (label them as U₁ and U₂) representing their preferences for peanut butter and jelly; (2) indicate the direction of preferences (i.e., direction of increased utility). a) I like peanut butter and jelly. For me 2 ounces of peanut butter and 1 ounce of jelly are interchangeable. b) I like peanut butter, but neither like nor dislike jelly. c) I like jelly, but dislike peanut butter. d) I like both peanut butter and jelly and I have a diminishing marginal rate of substitution of faniall.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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