QUESTION 14 Figure 5 The following graph shows three possible indifference curves (I) for a consumer. MUFFINS Ш D B 12 CAKE Refer to Figure 5. When comparing bundle C to bundle A, the consumer prefers bundle C because it contains more muffins. ○ is indifferent between the two bundles. prefers bundle A because it contains more cake. ○ In order to compare bundle C to bundle A, we must know the prices of muffins and cake.

QUESTION 14 Figure 5 The following graph shows three possible indifference curves (I) for a consumer. MUFFINS Ш D B 12 CAKE Refer to Figure 5. When comparing bundle C to bundle A, the consumer prefers bundle C because it contains more muffins. ○ is indifferent between the two bundles. prefers bundle A because it contains more cake. ○ In order to compare bundle C to bundle A, we must know the prices of muffins and cake.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Revealed Preferences and Budget Constraint Analysis

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

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