Two points on an indifference curve that displays a diminishing marginal rate of substitution between apples and oranges are: (10 apples and 2 oranges), (8 apples and 4 oranges). Which of the following combinations of apples and oranges could lie on this indifference curve? OA. 10 apples and 6 oranges OB. 6 apples and 9 oranges OC. 9 apples and 4 oranges OD. 8 apples and 3 oranges,

The indifference curve below illustrates the trade-off between two goods, pizza and Pepsi. Which of the following statements are true for this particular consumer? Correct Answer(s) Slices of Pizza 5 4+2 3 2 1 0 1 2 +1 3 4 -4 5 6 7 Drag appropriate answer(s) here 8 9 Indifference curve 10 Cans of Pepsi The marginal rate of substitution on the indifference curve is constant. If this consumer starts with 5 slices of pizza and 1 can of Pepsi, he would willingly trade two slices of pizza for an additional Pepsi. Combinations on an indifference curve always have equal utility. The consumer will gain more utility from 2 Pepsis and 3 pizza slices than 7 Pepsis and 1 pizza slice because the former is a more balanced combination of goods. + + + + Yo

Xia's utility function is U = TC, where T is baskets of tomatoes and C is bags of carrots. One of Xia's indifference curves will go through points: Baskets of 10 tomatoes 9 8 7 6 5 4 3 2 1 0 a. B, C, and F. O b. B, D, and E. O c. A, D, and E. O d. A, B, and F. A D B C F E 123 4 5 6 7 8 9 10 Bags of carrots

Michael and Kelly consume food and clothing. In particular, Michael currently consumes 23 units of food and 19 units of clothing and Kelly currently consumes 17 units of food and 21 units of clothing. At these levels of consumption, Michael's MRS of food for clothing is 0.40 and Kelly's MRS of food for clothing is 2.50. Illustrate with an Edgeworth box. 1.) Using the three-point curved line drawing tool, draw an indifference curve for Michael when consuming 23 units of food and 19 units of clothing. Label this curve UM. 2.) Using the three-point curved line drawing tool, draw an indifference curve for Kelly when consuming 17 units of food and 21 units of clothing. Label this curve Uk. Carefully follow the instructions above, and only draw the required objects. Next, fill in the missing information in the following table. For simplicity, assume the consumers have the option of trading one unit of food (F) for one unit of clothing (C). Fill in the following table. (Enter your responses…

女 %24 50 30 DINER BREAKFASTS 9. Income and substitution effects Hubert and Kate Juarez live in San Diego and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I and 2 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the corresponding indifference curve. BC, BC, H. FANCY DINNERS MacBook Pro G Search or type URL 2. 5. 9.

Suppose Caroline will only drink a cup of coffee if she can add two packets of sugar to it. Which graph would illustrate a representative indifference curve? "Sugar" O b. d. 4 1 2 3 4 Coffee Sugar 12 3 Sugar 1 L Sugar 2 4 Coffee 3 4 1 2 3 4 Coffee Coffee

1. Jim's preferences for pears and apples can be summarized by the following utility function: U(Xa,Xp)=XaXp where xa is the quantity of apples and xp is the quantity of pears. a) Draw an indifference curve for Jim by calculating a series of bundles that all produce the same level of "utility" and plotting them. Interpret the slope of the indifference curve (the marginal rate of substitution). b) Calculate the formula for Jim's marginal rate of substitution, as a function of apples and pears consumed.¹ c) What happens to the numeric value of Jim's marginal rate of substitution along an indifference curve (i.e., holds his utility constant) as he increases the number of pears he consumes and decreases the number of apples? For example, compare his MRS for a bundle consisting of 9 apples and 4 pears to his MRS for a bundle consisting of 9 pears and 4 apples and interpret the change. d) Suppose something increases Jim's desire for apples (for example, apples are found to reduce the risk of…

Can you give clear workings of the following question please? Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all combinations of the two goods in his indifference map. Suppose the price of apples is $4 per pound, the price of oranges is $3 per pound, and Bobʹs budget is $30 per week. What is Bobʹs utility maximizing choice between these two goods?   A. 4 pounds of apples and 6 pounds of oranges   B. 5 pounds of apples and 5 pounds of oranges   C. no apples and 10 pounds of oranges   D. 15 pounds of apples and no oranges

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7) A consumer has to choose the optimal amount of cheese and crackers to purchase. He or she has drawn his or her budget constraint (BC) and indifference curves on a graph with the amount of cheese (in ounces) on the horizontal axis and the amount of crackers (in packages) on the vertical axis. Which of the following statements is true if the price of crackers declines? The BC shifts to the left (down). The BC shifts to the right (up). The BC rotates such that it intersects the horizontal axis at the same point as before and intersects the vertical axis at a lower point. The BC rotates such that it intersects the horizontal axis at the same point as before and intersects the vertical axis at a higher point.