Which statement is true or false:
Homework Answers
A. True
Explanation: The further an indifference curve from its origin, the more goods are consumed.
B. False
Explanation: In that case, the indifference curve would have a negative slope and it will be a straight line.
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Which statement is true or false:
a. The principle that "More is better" results in indifference...
1. True or False, and explain briefly. 1) The assumption that more is better implies that...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated preference type - downward-sloping and convex to the origin A implausiblel these don't exist - downward-sloping straight lines B. the consumer views the two goods are perfect complements - the consumer views the two goods are perfect substitutes L-shaped D. the consumer views the two goods are imperfect substitutes - upward-sloping and concave to the origin
)For each of the following statements, determine whether it is true or false? Briefly explain. (24...
)For each of the following statements, determine whether it is true or false? Briefly explain. (24 pts (a) If a con b) Assumin s preferences are transitive then they must be complete as well. False. sumer' g there are only two goods, if one good is a bad and the other is a good, then the indifference curves are upward sloping. c) can intersect only if the goods are perfect complements. Indifference curves ) If two utility functions u(-) and...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Kyoko likes both chocolate and mik. Assume that the "more is better" principle more of either...
Kyoko likes both chocolate and mik. Assume that the "more is better" principle more of either good, holding the consumption of the other good constant. applies to Kyoko; that is, she would always prefer to consume The points on Figure 1 Figure 1, but it also shows some of Kyoko's indifference curves: I, than Figure 1 epresent combinations of milk and chocolate that Kyoko might choose to consume. Figure 2 shows the same points as curves show more information about...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is better" principle applies to Alex; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of milk and soda that Alex might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Alex's indifference curves: 11, 12, and 13...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more is better" principle applies to Edison; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of ice cream and chocolate that Edison might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Edison's indifference curves: 11, 12,...
Problem 9. Two indifference curves cannot intersect each other. Is this a TRUE or FALSE statement?...
Problem 9. Two indifference curves cannot intersect each other. Is this a TRUE or FALSE statement? Explain.
d See Hint Let x1 represent a typical good (i.e., consumers prefer more of good x1...
d
See Hint Let x1 represent a typical good (i.e., consumers prefer more of good x1 to less). Let x2 represent a second good in a two-good world. Both goods have continuous indifference curves and income, m, is greater than $0. Under which of the following situations would consumers spend all of their income on just x1? Choose one or more: A. X1 and x2 are perfect complements. B. The consumer has Cobb-Douglas preferences, and p2 > pi. C. xi...
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of...
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
QUESTION 14 Match the shape of the indifference curve for bundles of goods with its associated preference type - downward-sloping and convex to the origin A implausiblel these don't exist - downward-sloping straight lines B. the consumer views the two goods are perfect complements - the consumer views the two goods are perfect substitutes L-shaped D. the consumer views the two goods are imperfect substitutes - upward-sloping and concave to the origin
)For each of the following statements, determine whether it is true or false? Briefly explain. (24 pts (a) If a con b) Assumin s preferences are transitive then they must be complete as well. False. sumer' g there are only two goods, if one good is a bad and the other is a good, then the indifference curves are upward sloping. c) can intersect only if the goods are perfect complements. Indifference curves ) If two utility functions u(-) and...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Kyoko likes both chocolate and mik. Assume that the "more is better" principle more of either good, holding the consumption of the other good constant. applies to Kyoko; that is, she would always prefer to consume The points on Figure 1 Figure 1, but it also shows some of Kyoko's indifference curves: I, than Figure 1 epresent combinations of milk and chocolate that Kyoko might choose to consume. Figure 2 shows the same points as curves show more information about...
3. Indifference curves and preferences Alex likes both soda and milk. Assume that the "more is better" principle applies to Alex; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of milk and soda that Alex might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Alex's indifference curves: 11, 12, and 13...
3. Indifference curves and preferences Edison likes both chocolate and ice cream. Assume that the more is better" principle applies to Edison; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of ice cream and chocolate that Edison might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Edison's indifference curves: 11, 12,...
Problem 9. Two indifference curves cannot intersect each other. Is this a TRUE or FALSE statement? Explain.
d
See Hint Let x1 represent a typical good (i.e., consumers prefer more of good x1 to less). Let x2 represent a second good in a two-good world. Both goods have continuous indifference curves and income, m, is greater than $0. Under which of the following situations would consumers spend all of their income on just x1? Choose one or more: A. X1 and x2 are perfect complements. B. The consumer has Cobb-Douglas preferences, and p2 > pi. C. xi...
Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of A. transitivity. B. completeness. C. more is better O D. All of the above. 33. Convexity of indifference curves implies that consumers are willing to O A. settle for less of both "x" and "y O B. give up more "y to get an extra x the more "x" they have. O C. give up more "y" to get an extra "x" the less "x" they have....
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