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.
Homework Answers
option A.
- An indifference curve map is the one which shows successive higher levels of total utility. The map represents the collection of indifference curves that connects the points representing different quantities of a good for which a consumer is indifferent.
- The two main characteristics of an indifference curve map are:-
- moving northeast to a new indifference curve will increase
utility.
- The higher we move, greater is the level of utility. Because curves farther from the origin yield higher levels of total utility.
- indifference curves can never cross each other.
- moving northeast to a new indifference curve will increase
utility.
Add Answer to:
Which of the following is a true characteristic of an
indifference curve map?
Moving northeast to...
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please answer all questions
2. Draw the graph of an indifference curve map for the utility function U(X,Y)= XY. Put good X on X-axis and good Y on Y-axis. Draw at least 3 indifference curves and label the utility level for each indifference curve. Explain why or why not do the indifference curves cross each other on the map.
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if an individuals indifference curve map does not obey the assumption of a diminishing MRS, then tangencies of indifference curves to the budget constraint may not be points of utility maximization. True or false. Explain very Brief
4a. Draw an indifference map for person J of five indifference curves for good x1 and...
4a. Draw an indifference map for person J of five indifference curves for good x1 and good x2. 4b. Draw a budget line that is tangent to the middle indifference curve. 4c. Without moving your indifference curves, return to your "map" in (a) and change the budget line if person I now has more income. 5a. Draw an indifference map for person J of five indifference curves for good X1 and good x2. 5b. Draw a budget line that is...
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For each of the following utility functions, draw an indifference map with 3 indifference curves. Be...
For each of the following utility functions, draw an indifference map with 3 indifference curves. Be sure to label your axes, and label your curves as IC1, IC2, and IC3, where U1 < U2 < U3. (5 points each) a. ?(?, ?) = 3? + 5? b. ?(?, ?) = ? 2 + ? 2 c. ?(?, ?) = −? 2 + ln(?) d. ?(?, ?) = min(3?, 5?)
1. Which of the following is not a property of standard indifference curves in a leisure-consumption...
1. Which of the following is not a property of standard indifference curves in a leisure-consumption model? A. Indifference curves tend to be downward sloping. B. Higher indifference curves (to the northeast) indicate higher levels of utility. C. Indifference curves tend to be convex to the origin. D. There is an indifference curve passing through every leisure-consumption bundle. E. Indifference curves intersect one another. 2. What is likely to happen to the labor market equilibrium for firemen as building codes...
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For each of the following utility functions, draw an indifference map with 3 in curves. Be sure to label your axes, and label your curves as IC1, IC2, and ICs, where difference 1 U2 U (X,Y)=3X+5Y U3. (5 points each) a. U(X, Y) U(X, Y) -X2 + ln(Y) min(3X,5Y) c. d.
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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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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.
please answer all questions
2. Draw the graph of an indifference curve map for the utility function U(X,Y)= XY. Put good X on X-axis and good Y on Y-axis. Draw at least 3 indifference curves and label the utility level for each indifference curve. Explain why or why not do the indifference curves cross each other on the map.
4a. Draw an indifference map for person J of five indifference curves for good x1 and good x2. 4b. Draw a budget line that is tangent to the middle indifference curve. 4c. Without moving your indifference curves, return to your "map" in (a) and change the budget line if person I now has more income. 5a. Draw an indifference map for person J of five indifference curves for good X1 and good x2. 5b. Draw a budget line that is...
What is an indifference curve and how does a preference map show preferences? Peaches (number per month) An indifference curve shows_ . A preference map shows that a person prefers combinations A combinations of goods that a consumer can afford; he cannot afford over the combinations he can afford O B. combinations of goods that are available; on lower indifference curves to combinations on higher indifference curves O C. combinations of goods among which a consumer is indifferent; that are...
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to the budget line b. Marginal utility per dollar is maximized c. The marginal rate of substitution is equal to the relative price d. The marginal utility per dollar spent is equal across all goods
For each of the following utility functions, draw an indifference map with 3 in curves. Be sure to label your axes, and label your curves as IC1, IC2, and ICs, where difference 1 U2 U (X,Y)=3X+5Y U3. (5 points each) a. U(X, Y) U(X, Y) -X2 + ln(Y) min(3X,5Y) c. d.
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?...
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.
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