SHOW GRAPHS: Exercise 2 With ounces of steak (S) on the horizontal axis and potatoes (P) on the vertical axis, graphically show indifferences curves representing the following preferences for Hank: (a) Hank must consume exactly 4 ounces of steak per 1 potato. (Assume anything left over of either steak or potatoes can just be given to the dog.) (b) Hank likes steak and potatoes and prefers to have a good balance of both, but he won't turn down a large helping of either of them. (c) Hank does not like potatoes at all; the fewer the better for him. But he does like steak. (d) Hank neither likes nor dislikes potatoes, but he prefers more steak to less steak. (e) Hank is always happy to trade 2 ounces of steak for an extra potato. How is this different from part (a)?
SHOW GRAPHS: Exercise 2 With ounces of steak (S) on the horizontal axis and potatoes (P) on the vertical axis, graphically show indifferences curves representing the following preferences for Hank: (a) Hank must consume exactly 4 ounces of steak per 1 potato. (Assume anything left over of either steak or potatoes can just be given to the dog.) (b) Hank likes steak and potatoes and prefers to have a good balance of both, but he won't turn down a large helping of either of them. (c) Hank does not like potatoes at all; the fewer the better for him. But he does like steak. (d) Hank neither likes nor dislikes potatoes, but he prefers more steak to less steak. (e) Hank is always happy to trade 2 ounces of steak for an extra potato. How is this different from part (a)?
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section21.1: The Budget Constraint: What The Consumer Can Afford
Problem 1QQ
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Transcribed Image Text:SHOW GRAPHS: Exercise 2
With ounces of steak (S) on the horizontal axis and potatoes (P) on the vertical axis,
graphically show indifferences curves representing the following preferences for Hank: (a) Hank must consume exactly 4
ounces of steak per 1 potato. (Assume anything left over of either steak or potatoes can just be given to the dog.) (b)
Hank likes steak and potatoes and prefers to have a good balance of both, but he won't turn down a large helping of
either of them. (c) Hank does not like potatoes at all; the fewer the better for him. But he does like steak. (d) Hank
neither likes nor dislikes potatoes, but he prefers more steak to less steak. (e) Hank is always happy to trade 2 ounces of
steak for an extra potato. How is this different from part (a)?
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