Draw Shahab’s Indifference curves for Pizzas and Pepsi Cans. What does the slope at any point on these curve represent? Why would Shahab prefer to be on higher indifference curve than a lower one? Why do the curves slope downwards? Why do these curves never intersect? Why

Q: Draw and interpret Shahab’s indifference curves for 10 rupee notes and 20 rupee notes and his…

A: Indifference curve (IC) shows all the combination of two goods in which the consumer is indifferent.…

Q: It is known that the indifference curve is convex. What does this tell you about the relationship…

A: The indifference curve refers to the graphical representation of different combinations of two goods…

Q: At each point on an indifference curve:             total utility is the same.             the…

A: The indifference curve analysis is based ordinal measurement of utility.  Ordinal measurement of…

Q: Suppose that indifference curves are described by straight lines with a slope of −b. Given arbitrary…

A: Straight-line indifference curve: The straight-line indifference curve has a constant slope…

Q: Please draw the indifference curve of u(x1,x2) = max {x1,x2} in the graph. Also please try to make…

A: We have utility function  u(x1,x2) = max {x1,x2}

Q: State the reason that why indifference curves never intersect each other. Furthermore, why higher…

A: An indifference curve shows the various combinations of two goods that give the consumer equal…

Q: Write down and explain the four properties of indifference curve.provide adequate graphs

A: The indifference curve shows various combinations of two goods that give the same level of utility…

Q: What information is contained in an indifference curve? Why are such curves:      Downward sloping…

A: We will answer the first question since the exact one was not specified. Please resubmit the…

Q: Draw a map of indifference curves for a person in the following cases: She likes vegetables twice as…

A: Indifference curve shows the combination of two goods that give the consumers same utility or…

Q: Briefly explain the difference between indifference curve and iso-quant curve and similarly between…

A: In microeconomics, two main areas of study are consumer theory and production theory. Indifference…

Q: Why do we expect that indifference curves will never cross?

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: an an indifference curve cross itself?

A: Indifference curve(IC) shows all possible combination of two-goods such that each combination…

Q: Explain why non-convex indifference curve has a corner solution instead of interior solution?

A: IC (Indifference curve) shows the different agreement of two commodities between which a consumer is…

Q: For each of the following utility functions (i) derive the equations describing the indifference…

A: Note: As per the guidelines we're only entitled to answer only first three parts of the MCQ type…

Q: Explain why most indifference curve are convex??

A: In economics the indifference curve is usually denoted as the contour line merely where the value of…

Q: Gopal is a rational consumer and consumes two goods X and Y. Is a cardinal measure of utility or…

A: Gopal is a rational consumer and consumes two goods X and Y. No, A cardinal measure of utility or…

Q: Q) U = xy and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？   Explain it…

A: An Indifference curve represents different combinations of two goods ( say , good X and good Y )…

Q: We claimed in the text that if preferences were monotonic, then a diag-onal line through the origin…

A: Indifference curve refers to the graphical representation of various combinations of two goods,…

Q: Which one of the following is incorrect about the indifference curves? All combinations in an…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

Q: How do indifference curves represent the consumer's preferences?

A: The indifference curve is a mathematical representation of the combination of all the consumption…

Q: discuss the three assumptions of indifference curves.

A: "Utility is the usefulness of a commodity for the consumer." When the consumer derives the same…

Q: What can be the implications of a positively sloping indifference curve?

A: Indifference curves are those curves that represent combinations of two goods that give the same…

Q: Which of the following is not the property of indifference curves? a. Indifference curve is downward…

A: (Q) Which of the following is not the property of indifference curves?   a. Indifference curve is…

Q: Why is the slope of an indifference curve convex? Which is the best indifference curve?

A: "Indifference curve is defined as the locus of point of combination of two goods, good 1 and good 2,…

Q: What are indifference curves?

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: Use the image 2.2 below to answer this question. The slope of the indifference curve is given by…

A: Marginal utility describes the benefits or utility obtained from consumption of a commodity. It is…

Q: Explain how indifference curves can never cross.

A: Indifference curves can never cross each other. We can explain this with the help of the two axioms…

Q: ) what do you mean by budget constraints, indifference curve and indifference map? What are the…

A: Budget constraint is defined as the possible combinations of the consumption which one can afford…

Q: Economists use "indifference curves" to indicate individuals' preferences. These curves are parallel…

A: The indifference curve represents the consumer's preference and is downward slopping and do not…

Q: Which feature of indifference curves guarantees this result? a. Concavit of indifference curves b.…

A: An indifference curve(IC) is a locus/contour of the different bundle that has the same utility at…

Q: Why is it impossible for two indifference curves to intersect one another?

A: Indifference curves show various combinations of goods between which the consumers are indifferent.…

Q: X a e b d

A: Here, the given figure provide information about the budget line and three indifference curves.

Q: Show that an indifference curve     a Cannot be thick (cannot have positive thickness, rather than…

A: Indifference curve refers to the different combinations of two commodities that the consumer can…

Q: Define Indifference Curve. Explain properties of Indifference Curve with the                help of…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

Q: ist and briefly explain each of the four properties of indifference curves. Provide an example where…

A: indifference curves are made/predicated on several assumptions, including that each indifference…

Q: Q-: Define indifference curve and elaborate different varieties/types of indifference curve

A: An indifference curve shows a combination of two goods or services that provide the consumer with…

Q: Elaborate difference varieties/types of indifference curve?

A: Utility refers to the want satisfying power of a commodity. The two approaches used to measure…

Q: True or false.  A change in prices or income can alter preferences and thus the indifference curves…

A: In the mentioned question, we are asked whether there is any shift seen in the indifference curve…

Q: What happens to utility when we move up and down on the indifference curve? What happens to utility…

A: An Indifference Curve(IC) is a graphical representation that combinations of two items that give the…

Q: Suppose your only source of income is work and that you are paid $20 per hour. This determines a…

A: Optimal bundle is where budget constraint is tangent to indifference curve.

Q: Outline the four properties that apply to all indifference curves.

A: Indifference curve shows the combination of two good that gives the same level of satisfaction to…

Q: U = xy    and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？

A: Utility curve shows the different possible combination of two goods that gives same level of…

Marginal Rate of Technical Substitution

MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.

Preferences and Utility Analysis

Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.