Product Y U3 U2 U, Product X

The marginal rate of substitution measures the distance between one indifference curve and the next one. True False

1) Use the graph below to explain why, if all assumptions about preferences are met, thick indifference curves are not possible. Hint: take two points (bundles) on the graph. >X1

Suppose that a person regards ham, h and cheese, c, as purecomplements. He will always use one slice of ham in combination with one slice of cheese to make a ham and cheese sandwich. Suppose also that ham and cheese are the only goods that this person eats, and he has an income of I. (a)Draw the indifference curves associated with this utility/demand function. Show on the graph what happens after an increase in the price of cheese? (b)Find, analytically, the change in demand of both goods associated with a (marginal) increase in the price of cheese.  (c)Decompose this change into a substitution effect and an income effect. What is the intuition behind this result?

Question 8 Given the utility function U = 2x+5y, what is the equation of the indifference curve that corresponds to a utility level of U = 10?

1.5) For any two goods (things you would like more of): Select one or more: Indifference curves are downward-sloping. Indifference curves can sometimes cross. Indifference curves can have straight line sections. Indifference curves cannot have kinks.

Suppose a consumer's utility function is U(x₁,x₂)=x₁x₂. The price of Good 1 is 1, the price of Good 2 is 2, and his income is 40. 1st Question 3 On a graph, use blue ink to draw the consumer's budget line. (Use a ruler and try to make this line accurate.) Plot a few points on the indifference curve that gives him a utility of 150 and sketch this curve with red ink. Now plot a few points on the indifference curve that gives him a utility of 300 and sketch this curve with black ink or pencil.

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No chatgpt answer

For Mary, shampoo and conditioner are perfect complements. She likes to use 1 squirt of shampoo and 1 squirt of conditioner each time she washes her hair. a) Draw a set of indifference curves for Mary that illustrate the utility she derives from using shampoo and conditioner.