Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are shown. Some of these curves are drawn in a way that is inconsistent with assumptions usually made about utility.For each of the accompanying graphs, determine which indifference curve assumption is violated if any. 12A.В.IIIlFoodFood12Il12D.C.IIFoodFoodArrowsArrows12ArrowsArrows 1212А.В.IIIlFoodFoodThese curves are consistent with assumptionsabout utility.Any point can appear on only one indifference curve.Consumers experience diminishing marginal utility.12IlConsumers get more utility from some goodsthan others.D.More of a good is preferred to less.FoodFoodArrowsArrowsArrows

Answer: The assumptions of the indifference curves are as given below: (1). Indifference curves are…

Answered: Suppose that Kat likes arrows and food.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are shown. Some of these curves are drawn in a way that is inconsistent with assumptions usually made about utility.

For each of the accompanying graphs, determine which indifference curve assumption is violated if any.

12
A.
В.
II
Il
Food
Food
12
Il
12
D.
C.
II
Food
Food
Arrows
Arrows
12
Arrows
Arrows

12
12
А.
В.
II
Il
Food
Food
These curves are consistent with assumptions
about utility.
Any point can appear on only one indifference curve.
Consumers experience diminishing marginal utility.
12
Il
Consumers get more utility from some goods
than others.
D.
More of a good is preferred to less.
Food
Food
Arrows
Arrows
Arrows

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