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Draw an indifference curve and its weakly preferred set for two goods that exhibit following preferences: 1. monotonic and convex preferences 2. monotonic and concave preference:s 3. non-monotonic preferences

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Indifference curve shows a bundle of consumer choices that gives same amount of satisfaction, so the consumer is indifferent among the set of choices. 2. Monotonic and concave preferences For concave indifference curve consumer prefers extreme points. Good 2 Good 2 Weakly Preferred set Good 1 Good 1 Monotonic means consumer prefers to co consume more i.e. more is better (MIB) Here consumer chooses two goods individually but not at a time. Like classical musi 1 Monotonic and convex preferences and hip-hop music. Non monotonic preferences Indifference curve cannot be thick or upward sloping or vertical or horizontal. It rules out the monotonicity assumption of indifference curve. 3. Good 2 More preferred set Good 2 Upwardsloping Indifferencecurve Less preferred set Thick Indifferencecurve Good 1 This convex downward sloping curve satisfies monotonicity Good 1

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