Along an indifference curve is constant
Along an indifference curve is constant
Homework Answers
Along an indifference curve total utility is constant.
Explanation :An indifference curve shows combinations of goods among which an individual is indifferent. Ie, total utility remains constant.
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33. Along an indifference curve a. the MRS is constant b. the ratio of the marginal...
33. Along an indifference curve a. the MRS is constant b. the ratio of the marginal utilities is constant c. the price ratio is constant. d. all of the above none of the above e.
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.
As a consumer moves up along an indifference curve, the consumer's ________. A. real income decreases...
As a consumer moves up along an indifference curve, the consumer's ________. A. real income decreases B. marginal rate of substitution diminishes C. marginal rate of substitution does not change D. marginal rate of substitution increases
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...
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?...
Ambrose has indifference curves with the equation x2=constant-4x11/2, where larger constants correspond to higher indifference curves....
Ambrose has indifference curves with the equation x2=constant-4x11/2, where larger constants correspond to higher indifference curves. If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (16,10) a.-0.50 b.-16/10 c.-10/16 d.-14 e.-4
Which of the following is a true characteristic of an indifference curve map? Moving northeast to...
Which of the following is a true characteristic of an indifference curve map? Moving northeast to a new indifference curve will increase utility. Indifference curves can cross.
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...
What is an example of an indifference curve that intersects itself? (give an example of two...
What is an example of an indifference curve that intersects itself? (give an example of two goods for which this is true) Why can the indifference curve intersect itself?
Question 13 0.8 pts The marginal rate of substitution is obtained from two pointsthe indifference curve...
Question 13 0.8 pts The marginal rate of substitution is obtained from two pointsthe indifference curve O to the left of O along O above and below O to the right of O tangent to 0.8 pts
33. Along an indifference curve a. the MRS is constant b. the ratio of the marginal utilities is constant c. the price ratio is constant. d. all of the above none of the above e.
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?...
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...
Question 13 0.8 pts The marginal rate of substitution is obtained from two pointsthe indifference curve O to the left of O along O above and below O to the right of O tangent to 0.8 pts
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