If the price of one of the products is associated with indifference curves increase, all else the same, what is the result? a) the individual is able to get a lower level of utility b) the individual is able to get to about the same level of utility c) the individual is able to get to a higher level of utility d) prices will be lower

Q: The consumer is in equilibrium when        a)the budget line is tangent to the indifference curve at…

A: Consumer equilibrium is a point at which consumer gets the most satisfaction possible from their…

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

A: Information contained in the indifference curve is: It represents all those combinations of goods…

Q: Consider the preferences represented by the following indifference curves. These preferences are…

A: Indifference curve: It refers to the curve that helps in the combination of showing two goods. The…

Q: Consumer attains his or her equilibrium at a point where the budget line:- (1) is below indifference…

A: The consumers in an economy are considered to be one of the most important entities in the market.…

Q: an an indifference curve cross itself?

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

Q: An indifference curve is the locus of points of combination of goods which gives equal satisfaction…

A: Consumers Equilibrium: Consumer equilibrium is the situation of maximum satisfaction. When the…

Q: If the utility function of a consumer is given by U(X, Y)= VX+ 2vY. Which one of the following…

A: Indifference curve is the curve which shows the combination of two goods in which consumer gets the…

Q: True or false. Assuming the two good case, the level of utility associated with indifference curves…

A: Indifference curve shows the different combinations of the two goods that provide the same level of…

Q: Which of the following statements is correct? Indifference curves cannot intersect due to the…

A: Indifference curve is a locus of different combinations of two goods that are consumed by consumers…

Q: What information is contained in an indifference curve? Why are such curves Convex to the origin

A: Indifference curve (IC) is an important concept in consumer theory under micro economics.

Q: As a consumer moves along an indifference curve, then each point to the right will show higher…

A: Indifference curve is an indicative curve for any firm which shows combination providing equal…

Q: True or false.  Indifference curves are a graphical way to illustrate a person's tastes and…

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

Q: Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

A: The indifference curve shows us the consumption of two commodities that are consumed by the consumer…

Q: If a person's indifference curves can be represented as a straight line, the person views the goods…

A: The Indifference curve (IC) shows the various bundles of two goods that the consumer agrees to…

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: Suppose Jane is always willing to give up one apple for one orange. Then, the MRS for apples to…

A: In economics, an individual has the face the trade-off between the alternatives to make different…

Q: Isn't the utility function is perfect complement: min{} and the indifference curves should be…

A: A potential extension to the analysis is general equilibrium analysis or how demand and supply…

Q: Explain the derivation of the demand curve of a consumer using the indifference curve theory.

A: At the utility-expanding arrangement, the consumer's marginal pace of replacement (the total worth…

Q: A consumer has the indifference map shown below. The market prices of X and Y are $20 and $12,…

A: Utility maximization is a strategic scheme whereby individuals and companies seek to achieve the…

Q: In case of the complementary goods what is the shape of the indifference curve ??

A: According to the given question Actually complementary goods are those goods which are initially an…

Q: Higher Indifference curve means: (a) Consumer has more income (b) Price of goods have reduced (c)…

A: Concerning two commodities, an indifference curve is a graph that shows which combinations of the…

Q: As the price of a good rise, the consumer will experience Select one: a. a southwesterly movement…

A: Indifference curve:- Indifference curve can be defined as a graph that represent different…

Q: Mr. Ronaldo hates kicks in the shins (x), but is indifferent to pats on his shins (y). Sketch a…

A: Indifference curve  An indifference curve is a graphical representation of a selection of products…

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: A convex indifference curve implies what type of behavior? diminishing marginal utility…

A: Indifference curve are defined as the locus of the points with same utility level at each point.

Q: Since the consumer is indifferent between all points on an indifference curve, no point is…

A: According to the consumer theory, if an individual is consuming the positive amount of two goods…

Q: What information is contained in an indifference curve? Why are such curves (a) downsloping and (b)…

A: Concerning two commodities, an indifference curve is a graph showing those combinations of the two…

Q: gopal is a rational consumer and consumes two goods x and y. is a cardinal measure of utility or…

A: A combination of two things that deliver the same amount of enjoyment to the consumer is depicted by…

Q: Suppose that the following utility function is given U(X, Y) = -X¯1+Y¯1. Which of the following…

A:

Q: For each of the following utility functions draw the indifference curve that passes through (1,1).…

A: To draw indifference curve , we just fix the utility to any arbitrary number and take some points.

Q: Q.2 The slope of the indifference curve is equal to which of the following? A. One B. Marginal…

A: According to the given question Indifference curve was first named by the economist Pareto it…

Q: Examine and show with a graph how a consumer attains equilibrium under the Indifference curve…

A: Utility is maximized at the point of tangency between indifference curve and budget line. At this…

Q: True or False. As you move to the right of any indifference map, consumer utility always increases.…

A: The indifferent map represents different bundles of two commodities that an individual can consume…

Q: If the utility function is : u= q1q2. find the slope of an indifference curve. What will be its…

A: Slope of indifference curve = Marginal rate of substitution (MRS).

Q: If a consumer is indifferent between two consumption bundles: The two bundles lie outside the budget…

A: Ans 1) A consumer is a person who demands goods and services. He chooses between different variety…

Q: Assume that the consumer purchases only two goods, x and y. Based on the information in each of the…

A: Utilty is defined as the satisfaction which the consumer gets by consuming the homogeneous units of…

Q: Indifference curves represent: a) Ability to pay b) Total Utility c) Marginal Utility d) None of the…

A: Total utility refers to the total satisfaction that a consumer gets from consuming a good. Marginal…

Q: A higher indifference curve shows

A: A higher indifference curve shows higher level of

Q: Indifference curves are convex to the origin because of: A) the assumption that more is preferred to…

A: Indifference curve shows combinations of two goods that give same level of utility to consumers.

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: Indifference curves slopes down because there is a tradeoff between goods. If you give up some of…

A: the points with equal level of satisfaction.Some properties of Indifference curve are as:-1)…

Q: If the price of one of the products associated with indifference curves decreases, all else the…

A: For the aforementioned question, the correct option is C.