EBK MICROECONOMICS
12th Edition
ISBN: 9780100659452
Author: PARKIN
Publisher: YUZU
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Chapter 9.2, Problem 1RQ
To determine
The indifference curves and the preference map.
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Chapter 9 Solutions
EBK MICROECONOMICS
Ch. 9.1 - Prob. 1RQCh. 9.1 - Prob. 2RQCh. 9.1 - Prob. 3RQCh. 9.1 - Prob. 4RQCh. 9.1 - Prob. 5RQCh. 9.2 - Prob. 1RQCh. 9.2 - Prob. 2RQCh. 9.2 - Prob. 3RQCh. 9.2 - Prob. 4RQCh. 9.3 - Prob. 1RQ
Ch. 9.3 - Prob. 2RQCh. 9.3 - Prob. 3RQCh. 9.3 - Prob. 4RQCh. 9.3 - Prob. 5RQCh. 9 - Prob. 1SPACh. 9 - Prob. 2SPACh. 9 - Prob. 3SPACh. 9 - Prob. 4SPACh. 9 - Prob. 5SPACh. 9 - Prob. 6SPACh. 9 - Prob. 7SPACh. 9 - Prob. 8SPACh. 9 - Prob. 9SPACh. 9 - Prob. 10SPACh. 9 - Prob. 11SPACh. 9 - Prob. 12APACh. 9 - Prob. 13APACh. 9 - Prob. 14APACh. 9 - Prob. 15APACh. 9 - Prob. 16APACh. 9 - Prob. 17APACh. 9 - Prob. 18APACh. 9 - Prob. 19APACh. 9 - Prob. 20APACh. 9 - Prob. 21APACh. 9 - Prob. 22APACh. 9 - Prob. 23APACh. 9 - Prob. 24APACh. 9 - Prob. 25APACh. 9 - Prob. 26APACh. 9 - Prob. 27APACh. 9 - Prob. 28APACh. 9 - Prob. 29APACh. 9 - Prob. 30APA
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- A consumer has a budget set aside for entertainment during the year, and they spend the budget on concerts and plays. The consumer has a strong preference for attending concerts over plays: the two activities are substitutes, but not very strong substitutes. Sketch the indifference curves for this consumer on a graph, with concert tickets on the vertical axis and play tickets on the horizontal axis. Briefly explain why the consumer might ultimately choose to purchase a large number of play tickets, even though they have a strong preference for concerts. Include a budget line on your graph to illustrate this case.arrow_forwardList and briefly explain each of the four properties of indifference curves. Provide an example where you have made a buying decision based on one or more of these properties.arrow_forwardPaul derives utility from cups of coffee (C) and donuts, which he eats a dozen at a time (D). His utility function is: U = √C.D d. Show that Paul's income will not permit him to reach the =20 indifference curve. e. If Paul buys five dozen donuts, how many cups of coffee can he buy and what is his utility? f. Use a carefully drawn graph to show that the utility calculated in part e is the highest Paul can achieve with his $200.arrow_forward
- Arthur spends his income on bread and chocolate. Chocolate is a good from which Arthur gets a positive amount of satisfaction, but he is neutral as far as bread is concerned, i.e. He doesn't care if he consumes bread or not. Consuming bread does not give him positive or negative satisfaction. Please draw one of Arthur’s indifference curves for bread and chocolate, measuring bread on the vertical axis and chocolate on the horizontal axis.arrow_forwardWhich of the following would have an indifference curve drawn as a right angle? plastic containers and matching lids t-shirts and shorts pizza and Pepsi I choose to use one of my three skips on this question. two different brands of bottled waterarrow_forwardHow to compute Marginal Utility.arrow_forward
- Shen is in a band and likes to advertise upcoming shows using flyers he posts around the city. Making one black-and-white flyer costs $0.05, and making a flyer in color costs $0.10. Shen budgets $25.00 for making flyers each month. The following graph shows three of Shen's indifference curves for the number of black-and-white and color flyers that he makes. Use the green line (triangle symbol) to plot Shen's budget constraint. Then, place the black point (plus symbol) on the graph to indicate Shen's optimal consumption choice given that budget constraint. 1000 900 Budget Constraint 800 700 600 Optimum 500 400 300 200 100 0 25 50 75 100 125 150 175 200 225 250 COLOR FLYERS BLACK-AND-WHITE FLYERSarrow_forwardPage of 3 > Due November 1, 2 Press Esc to exit full screen A. Jack enjoys a cup of cappuccino every morning, which is made with equal parts of steamed milk (m) and espresso(e). Suppose Jack's utility function U(m, e) = min(m, e). Graph Jack's indifference curves when U = 4 and U = 8. B. Leslie buys 2 goods: z and y. His utility function is U(z,y) = 5x+3y. 1. Plot this consumer's indifference curves when U = 15 and U = 20. What is the shape of Leslie's indifference curves? 3. For Leslie, how are these two goods related? C. Leslie's friend Tim has a different utility function for the same goods U(x, y) = √zy. 1. Plot this consumer's indifference curves when U = 15 and Ū = 20. 2. What is the shape of Tim's indifference curves? D. A consumer's utility function for goods 2 and y is U(z,y) = x+2y. 2. 1. Calculate the consumer's marginal utility for each good at (2,2) (Hint: marginal utility represents the amount of utility the consumer gains by consuming one more unit of this good. You can…arrow_forwardWe claimed in the text that if preferences were monotonic, then a diag-onal line through the origin would intersect each indifference curve exactly once. Can you prove this rigorously? (Hint: what would happen if itintersected some indifference curve twice?)arrow_forward
- Why is the slope of an indifference curve convex? Which is the best indifference curve?arrow_forwardWhat information is contained in an indifference curve? Why are such curves (a) Downward sloping and (b) Convex to the origin Why does total utility increased as the consumers moves to an indifference curve farther from the origin? Why can't indifference curve intersect?arrow_forwardwhat is A curve showing combinations of two goods that provide a consumer with a constant amount of utility ?arrow_forward
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