Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter E, Problem 2QP
(a)
To determine
Explain why the indifference curves are downward sloping.
(b)
To determine
Explain why the indifference curves are convex to the origin.
(c)
To determine
Explain why the indifference curves do not intersect each other.
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Students have asked these similar questions
Which of the following statements is FALSE as it relates to indifference curves:
a.
They are convex to the origin.
b.
They are downward sloping.
c.
They exhibit higher levels of utility as you move from the origin.
d.
They could intersect.
Explain how indifference curves can never cross.
What are indifference curves?
Chapter E Solutions
Economics (MindTap Course List)
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- Why do we expect that indifference curves will never cross?arrow_forwardAn indifference curve that has a higher level of utility will be of an indifference curve with a lower level of utility. Indifference curves for preferences that fit the four main assumptions will be to the origin. Select one: a. Left; Convex b. Right; Concave c. Right; Convex d. Left; Concavearrow_forwardt is known that the indifference curve is convex. What does this tell you about the relationship between the goods?arrow_forward
- Consider indifference curves for the consumption of milk and chocolates (you may assume that both are "goods"). The indifference curves are drawn with the number of chocolate bars on the horizontal axis and pints of milk on the vertical axis. Suppose consumer A has a flatter indifference curve than consumer B. In this case, we can conclude that: a. Consumer A likes chocolate more than consumer B. b. The price of milk relative to the price of chocolates is higher for consumer A than for consumer B. с. The indifference curves of the two consumers cannot cross. d. Given the same amount of chocolates, consumer A is willing to swap one bar of chocolate for a smaller amount of milk than consumer B.arrow_forwardOutline the four properties that apply to all indifference curves.arrow_forwardSuppose a consumer only purchases food and clothing, and food plotted along the horizontal axis of the consumers indifference map. If the price of clothing increases and the price of food and Income do not change, then the budget line changes by rotating .?arrow_forward
- An indifference curve that has a higher level of utility will be of an indifference curve with a lower level of utility. Indifference curves for preferences that fit the four main assumptions will be at higher levels of X. Select one: a. Right; Steeper b. Left; Steeper c. Right; Flatter d. Left; Flatterarrow_forwardFor any two goods (things you would like more of): Select one or more: a. Indifference curves are downward-sloping. b. Indifference curves can sometimes cross. c. Indifference curves can have straight line sections. d. Indifference curves cannot have kinks.arrow_forwardWrite down and explain the four properties of indifference curve.provide adequate graphs.arrow_forward
- Write down and explain the four properties of indifference curve. Provide adequate graphs. Don,t copy from anywhere. Answer step by step. Answer must be correct. Must Provide adequate graphs.arrow_forwardSuppose you are choosing between hours of work (a bad measured on the horizontal axis) and money (a good measured on the vertical axis). a. Explain the meaning of MRS in words. b. Should your MRS be positive or negative in this case? c. Is your MRS increasing, constant or decreasing as you increase the hours of work along an indifference curve? Explain and draw some indifference curves for this example.arrow_forwardHow do indifference curves represent the consumer's preferences?arrow_forward
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