Suppose that there are two breakfast options, pancakes and waffles. Kwame only cares about the calories he gets from his breakfast he wants to consume as much as possible, no matter the food. Suppose that a waffle has thrice as many calories as a pancake. What do Kwame's indifference curves look like, illustrated with waffles on the y axis and pancakes on the x - axis?
Marginal Rate of Technical Substitution
MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.
Preferences and Utility Analysis
Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.
1. Suppose that there are two breakfast options, pancakes and waffles. Kwame only cares about the calories he gets from his breakfast he wants to consume as much as possible, no matter the food. Suppose that a waffle has thrice as many calories as a pancake. What do Kwame's indifference
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