Homework Answers
Jessica’s bundle A lies on the indifference good l3. She would prefer any bundle (bundle B)which is on a indifference curve, that is higher than l3 , that is l4. Jessica would be indifferent between a bundle C and bundle A, if the indifference curve on which the bundle C lies is the same as that of bundle A, that is, indifference curve l3. Jessica would find a bundle of goods, bundle D inferior to the bundle A if the bundle D lies on an indifference curve which is lower to the indifference curve on which the bundle A lies, that is , if bundle D lies on the indifference curves l1 and l2, bundle D will be inferior to bundle A. We can say that, higher the indifference curve, higher will be the utility obtained and vice versa.
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to indicate a bundle of pizza and Coke that Jessica would prefer to
bundle A (Bundle B), a bundle for which Jessica would be
indifferent with bundle A (Bundle C), and a bundle that would be
inferior to bundle A (Bundle D). Draw each bundle such that...
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