Using graph, show each preference (using an indifference curve: 1. You like both calamares and ramen. 2. You like calamares, but you hate ramen. 3. You hate calamares, but you like ramen. 4. You like calamares, but you are indifferent about ramen. 5. You treat calamares and ramen as perfectly substitutable.
Using graph, show each preference (using an indifference curve: 1. You like both calamares and ramen. 2. You like calamares, but you hate ramen. 3. You hate calamares, but you like ramen. 4. You like calamares, but you are indifferent about ramen. 5. You treat calamares and ramen as perfectly substitutable.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Using graph, show each preference (using an indifference curve:
1. You like both calamares and ramen.
1. You like both calamares and ramen.
2. You like calamares, but you hate ramen.
3. You hate calamares, but you like ramen.
4. You like calamares, but you are indifferent about ramen.
5. You treat calamares and ramen as perfectly substitutable.
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Step 1: Define utility theory
VIEWStep 2: Draw the indifference curve when the buyer likes both calamares and ramen
VIEWStep 3: Draw the indifference curve when the buyer likes calamares but hates ramen
VIEWStep 4: Draw the indifference curve when the buyer likes ramen but hates calamares
VIEWStep 5: Draw the indifference curve when the buyer like calamares, but is indifferent about ramen
VIEWStep 6: Draw the indifference curve when calamares and ramen as perfectly substitutable
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