Based on the graph below, identify an indifference curve. a. Point A only b. Point B...
Based on the graph below, identify an indifference curve.
| a. Point A only |
| b. Point B only |
| c. Points A or C. |
| d. Points B, C or D. |
| e. Points A or B. |
Homework Answers
The correct answer to this problem is option d. Reason being the definition of the indifference curve. Two commodities are compared at an equal price and quantity.
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Based on the graph below, identify an indifference curve.
a. Point A only
b. Point B...
In the mean-standard deviation graph an indifference curve has a ________ slope. a) negative b) zero...
In the mean-standard deviation graph an indifference curve has a ________ slope. a) negative b) zero c) positive d) northeast e) cannot be determined
Define an indifference curve and on a correctly labeled graph explain what the points along the...
Define an indifference curve and on a correctly labeled graph explain what the points along the indifference curve represent. Define using the correct mathematical equations for: a) a budget set, and b) a budget line. On correctly labeled graph, show and explain the indifference curves for normal goods X and Y. In two sentences, define a budget line.
Suppose an indifference curve is given by the equation U=2*C*T. Assume that initially the consumer owns...
Suppose an indifference curve is given by the equation U=2*C*T. Assume that initially the consumer owns the bundle C = 20, T = 2. What is the Utility value along this indifference curve? Show your calculations! Other than point, (C, T) = (20, 2), list 3 other points on this indifference curve. Graph the indifference curve including the point (C, T) = (20, 2) and the 3 points you listed in part b. Place T on the vertical axis and...
a) Graph the indifference curve for U 25 b) Derive the MUx and MUy c) Derive...
a) Graph the indifference curve for U 25 b) Derive the MUx and MUy c) Derive the MRSy d) Calculate the MRSxy for the following utility function: U(x,y) (ry)12
In the following budget constraint- indifference curve graph, Nikki has $150 to spend on blouses and...
In the following budget constraint- indifference curve graph, Nikki has $150 to spend on blouses and skirts a. What is the price of a blouse? What is the price of a skirt? b. Is Nikki making the optimum choice if she buys 4 blouses and 2 skirts? Blouses O A. Yes, this point is on the budget constraint OB. No, the indifference curve going through this point is not tangent to Nikki's budget constraint OC. No, the other point of...
The point where the indifference curve is tangent to the budget line A. is a point...
The point where the indifference curve is tangent to the budget line A. is a point on consumer's demand curve. B. is the best affordable point. C. is where the marginal rate of substitution exceeds the relative price by as much as possible. D. All of the above answers are correct.
4. Graph a typical indifference curve for the following utility functions and determine whether they have...
4. Graph a typical indifference curve for the following utility functions and determine whether they have convex indfference curves. a. U = 3x + y. b. U = (x2 + y2) c. U = (x2 - y2) 2 d. U = x3 y3 e. U = logx + logy.
13. Segment BC of the indifference curve below is irrelevant because 16. The a. It violates...
13. Segment BC of the indifference curve below is irrelevant because 16. The a. It violates the completeness axiom b. It violates the convexity axiom c. It violates the "more is preferred to less axiom d. a and c e. b and c
3. An indifference curve is a. the set of all points of consumer equilibrium as the...
3. An indifference curve is a. the set of all points of consumer equilibrium as the consumer's income changes. b. all combinations of goods X and Y that yield the same total utility. c. all combinations of goods X and Y that yield the same marginal utility. d. the set of all goods that the consumer can afford given her income and the prices of the goods. 4. Which of the following is NOT a property of an indifference curve?...
The graph shows Tom’s budget line and indifference curve for good x and y. The price...
The graph shows Tom’s budget line and indifference curve for good x and y. The price of good x is $40 . If he uses all of his income on good Y , then 20 units of y will be consumed. If all income is spent on good x then 4 units will be consumed. What is the marginal rate of substitution of good y for x at the point where the indifference curve is tangent to the budget line?
a) Graph the indifference curve for U 25 b) Derive the MUx and MUy c) Derive the MRSy d) Calculate the MRSxy for the following utility function: U(x,y) (ry)12
In the following budget constraint- indifference curve graph, Nikki has $150 to spend on blouses and skirts a. What is the price of a blouse? What is the price of a skirt? b. Is Nikki making the optimum choice if she buys 4 blouses and 2 skirts? Blouses O A. Yes, this point is on the budget constraint OB. No, the indifference curve going through this point is not tangent to Nikki's budget constraint OC. No, the other point of...
4. Graph a typical indifference curve for the following utility functions and determine whether they have convex indfference curves. a. U = 3x + y. b. U = (x2 + y2) c. U = (x2 - y2) 2 d. U = x3 y3 e. U = logx + logy.
13. Segment BC of the indifference curve below is irrelevant because 16. The a. It violates the completeness axiom b. It violates the convexity axiom c. It violates the "more is preferred to less axiom d. a and c e. b and c
3. An indifference curve is a. the set of all points of consumer equilibrium as the consumer's income changes. b. all combinations of goods X and Y that yield the same total utility. c. all combinations of goods X and Y that yield the same marginal utility. d. the set of all goods that the consumer can afford given her income and the prices of the goods. 4. Which of the following is NOT a property of an indifference curve?...
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