ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

A5

Harry's indifference curve for popcorn (X1) and butter (X2) is U-min(X1, 3X2). Sketch two indifference curves. Make sure your axes and intercepts are labeled. True or False and explain: Perfect Substitute utility functions exhibit zero marginal rate of substitution True or False and explain: If a consumer's indifference curve is given by x2= 50/x1, this consumer is indifferent between the two bundles (100, 2) and (5, 10)
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Transcribed Image Text:Harry's indifference curve for popcorn (X1) and butter (X2) is U-min(X1, 3X2). Sketch two indifference curves. Make sure your axes and intercepts are labeled. True or False and explain: Perfect Substitute utility functions exhibit zero marginal rate of substitution True or False and explain: If a consumer's indifference curve is given by x2= 50/x1, this consumer is indifferent between the two bundles (100, 2) and (5, 10)
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Step 1: Define Indifference curve
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Step 2: Explain if Perfect Substitute utility functions exhibit zero marginal rate of substitution
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Step 3: Explain if the consumer is indifferent or not
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