Jack and Jill each have the same income of $10, which they can spend on water and beans. Suppose Jack has a stronger preference for beans over water, while Jill has a stronger preference for water over beans. (a) On the same graph, draw Jack's indifference curves, and Jill's indifference curves. Briefly explain how you derived their shapes. (b) Which person will buy more beans than the other, Jack or Jill? Which person will buy more water than the other, Jack or Jill? Show this graphically.

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Revealed Preferences and Budget Constraint Analysis

Revealed means “Let Out,” and Preference means “Choice”; Choice Reveals Preference.