You are expected to answer the following questions by yourself in advance of the tutorial. Starting from next week, your tutor will also explore with your group answers to the week's question on the Discussion Forum (please complete this by upm Monday each week; there are no extensions). 1) Assume the following table represents one of your indifference curves for free time and exam marks. a) Complete the following table using representative numbers that conform to the assumptions for indifference curves outlined in the lecture and textbook. One Indifference Curve Hours of free time 15 16 17 18 19 20 Exam marks 84 75 67 Marginal Rate of Substitution (MRS) 12 8 b) Explain the main ideas captured by this representation of an indifference curve. c) Draw the indifference curve on a graph, showing the different combinations of hours of free time and marks. On the horizontal axis put hours of free time and on the vertical axis put exam marks. 9,
You are expected to answer the following questions by yourself in advance of the tutorial. Starting from next week, your tutor will also explore with your group answers to the week's question on the Discussion Forum (please complete this by upm Monday each week; there are no extensions). 1) Assume the following table represents one of your indifference curves for free time and exam marks. a) Complete the following table using representative numbers that conform to the assumptions for indifference curves outlined in the lecture and textbook. One Indifference Curve Hours of free time 15 16 17 18 19 20 Exam marks 84 75 67 Marginal Rate of Substitution (MRS) 12 8 b) Explain the main ideas captured by this representation of an indifference curve. c) Draw the indifference curve on a graph, showing the different combinations of hours of free time and marks. On the horizontal axis put hours of free time and on the vertical axis put exam marks. 9,
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.13P
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Question
![You are expected to answer the following questions by yourself in advance of the
tutorial. Starting from next week, your tutor will also explore with your group
answers to the week's question on the Discussion Forum (please complete this by
11pm Monday each week; there are no extensions).
1) Assume the following table represents one of your indifference curves for free time
and exam marks.
a) Complete the following table using representative numbers that conform to the
assumptions for indifference curves outlined in the lecture and textbook.
One Indifference Curve
Hours of free time
15
16
17
18
19
20
Exam marks
84
75
67
Marginal Rate of
Substitution (MRS)
12
9.
8
b) Explain the main ideas captured by this representation of an indifference curve.
c) Draw the indifference curve on a graph, showing the different combinations of
hours of free time and marks. On the horizontal axis put hours of free time and on
the vertical axis put exam marks.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbab2b14-4818-4816-9151-8a5501679532%2F582680f6-47bf-4094-8e1e-1b98f74fe7a9%2Fcs8xkgv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are expected to answer the following questions by yourself in advance of the
tutorial. Starting from next week, your tutor will also explore with your group
answers to the week's question on the Discussion Forum (please complete this by
11pm Monday each week; there are no extensions).
1) Assume the following table represents one of your indifference curves for free time
and exam marks.
a) Complete the following table using representative numbers that conform to the
assumptions for indifference curves outlined in the lecture and textbook.
One Indifference Curve
Hours of free time
15
16
17
18
19
20
Exam marks
84
75
67
Marginal Rate of
Substitution (MRS)
12
9.
8
b) Explain the main ideas captured by this representation of an indifference curve.
c) Draw the indifference curve on a graph, showing the different combinations of
hours of free time and marks. On the horizontal axis put hours of free time and on
the vertical axis put exam marks.
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