"Regular-looking" indifference curves - ones you may be familiar with from previous econ courses - typically slope downward (weakly, i.e. they may have horizontal or vertical segments) and are bent toward the origin. There are typically an infinite number of them covering the entire space, and they never cross. Consider the following strange indifference curves defining preferences over the consumption set X = R?. For each one, explain which of the axiom(s) (A1, A2, A3, A4', A4, A5', A5) are violated.

"Regular-looking" indifference curves - ones you may be familiar with from previous econ courses - typically slope downward (weakly, i.e. they may have horizontal or vertical segments) and are bent toward the origin. There are typically an infinite number of them covering the entire space, and they never cross. Consider the following strange indifference curves defining preferences over the consumption set X = R?. For each one, explain which of the axiom(s) (A1, A2, A3, A4', A4, A5', A5) are violated.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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Q. 1

2. "Regular-looking" indifference curves - ones you may be familiar with from previous econ courses
typically slope downward (weakly, i.e. they may have horizontal or vertical segments) and are bent
toward the origin. There are typically an infinite number of them covering the entire space, and they
never cross. Consider the following strange indifference curves defining preferences over the consumption
set X = R?. For each one, explain which of the axiom(s) (A1, A2, A3, A4', A4, A5', A5) are violated.
(a) The entire upper quadrant, R², is completely covered by just three indifference sets.
(b) Indifference curves are positively sloped.
(c) Indifference curves are bent away from the origin.
(d) There is a gap at point (5,5); it doesn't belong to any indifference curve.

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