Question

Suppose there are two goods, food and clothing. My preference has the following properties: 1. I am rational. 2. I need at least one unit of food and one unit of clothing in order to survive. 3. I strictly prefer surviving over not surviving. 4. I am indifferent over all situations in which I do not survive 5. When I have strictly more than one unit of each good, I satisfy strict monotonicity and strict convexity. 2 6. When I have strictly more than one unit of each good, I have a positive marginal rate of substitution. 7. Whenever I have equal amounts of the two goods (strictly more than one unit of each), I have a marginal rate of substitution equal to 2 Draw some indifference curves that are consistent with these properties. (You don't need to draw any indifference curves for the bundles that do not enable me to survive.)

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Answer 1

Given that, There are two goods food clothing Quality control measures in the food processing industry work with the objective of maintaining uniform quality standards all across the process, which is in sync and alignment with the customer expectations. The basic importance of quality control is: - It helps in facilitating quality consciousness across the process, processing cost of the food product decreases substantially. The rate of wastage in the food processing process decreases considerably. Quality control measures enable the effective utilization of resource.