Provide short answer for the following? Diminishing marginal utility.         2. Indifference curve?

Q: Millet (a type of grain cereal eaten my many in the developing world) and rice are normal goods…

A: Change in the price of a good leads to the change in quantity demanded through two effects,…

Q: PROBLEM (3) A consumer has preferences over bundles of apples (x) and oranges (y) represented by the…

A: Answer: (a). Yes generally the indifference curves are bowed towards the origin. The reason is the…

Q: (a) Sketch Casper's budget set and shade it in. (b) Sketch some of his indifference curves, compute…

A: Let the price of cheese be Px  = 2$ The price of cocoa be Py = y^2 $ Income = M = $30 Utility…

Q: Q.4 Consumer attains his/her equilibrium at a point where the budget line: (a) Is below indifference…

A: Indifference curve: - it is the graphical representation of different combinations of two goods that…

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: Suppose that you have an income of $20 to spend on sticky hands and gumballs. Both cost $1.00.…

A: Answer: The new budget constraint is given below: Let the sticky hands is shown on y-axis and…

Q: 0.6 As a consumer moves along an indifference curve, then each point to the right of a given point…

A: # The correct option is (B)

Q: Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

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: Define indifference curve and budget line and their slopes. Discuss various properties of the…

A: An indifference curve, with respect to two commodities, is a graph showing those combinations of the…

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: t is known that the indifference curve is convex.

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

Q: The figure above shows three of a consumer's indifference curves. Which point is most preferred?…

A: Indifference curve (IC) is a downward sloping curve, which is convex to the origin. It reflects all…

Q: Abhishek's utility function is: U = min {2x– y, 2y – x} Which letter resembles Abhishek's…

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

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: 6.2. With reference to the indifference theory with good Y on the vertical axis and good X on the…

A: Microeconomics studies the economic behavior of individual units such as a firm, a market, a…

Q: Abhishek's utility function is: U = min {2x- y, 2y–x} %3D Which letter resembles Abhishek’s…

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

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: Abhishek’s utility function is: U = min {2x – y, 2y – x} Which letter resembles Abhishek’s…

A: Min utility function is used when two goods and services are used in a fixed proportion. The outcome…

Q: Draw a consumer’s indifference curves for pizza and coke. Describe and explain properties of these…

A: Indifference curves are graphical representation of consumer's preference. The consumer finds all…

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

A: An indifference curve(IC) is a graphical representation that shows different combinations of 2 goods…

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: Luke has a monthly income of $80. He spends this money making telephone calls from home (measured in…

A: Luke's monthly income = $80 Total number of call minutes Luke can make under Plan A = $80/$0.50…

Q: Consider the bundle 2 pizza and 8 coke. Label this point. What can you say about the slope of the…

A: Indiffernce curve graphical representation of the combination of two goods that the consumer is…

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

A: The indifference curve consists of a set of points that represents a different combination of…

Q: Suppose Mark has the following utility function: U(x, y) = 2 min{2x, 5y}. a. What is the utility of…

A: Given U(x,y) = 2min2x,5y   ........ (1)

Q: .Draw the indifference curve diagrams for the utility functions listed below. Plot x on the…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: A consumer has preferences over two goods, coconuts and fish. The consumer prefers more of each good…

A: Indifference curve represents the combinations of two goods between which the cunsumers are…

Q: The primary goal of very consumer is to maximize satisfaction. Explain, how a consumer achieves…

A: In economics, it is assumed that consumers are rational and they try to maximize their utility.…

Q: Draw hypothetical consumer’s indifference curves for Soft-drink and Pizza. Describe and explain four…

A: IC(indifference curve) shows the locus of various points (combination of different quantities of 2…

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: Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs…

A: Indifference curve shows the combinations of two goods that can be produced at given level of price…

Q: 07 Assumption on which indifference curve is based: (a) Marginal rate of substitution is falling.…

A: # The correct answer is (D)

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: Why does total utility increased as the consumer moves to an indifference curve farther from the…

A: The indifference curve is defined as the locus of points of the combination of two goods, which…

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: Šketch indifference curve for the given utility levels. Use arrow to show the direction in which…

A: We will solve the first three subparts only. Please resubmit the question with any other parts you'd…

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: A higher indifference curve shows

A: A higher indifference curve shows higher level of

Q: What information is contained in an indifference curve? Why are such curves: (6) Downward sloping…

A: An indifference curve is a graphical presentation of various combinations of two goods where a…

Q: On an indifference map, quantity of apples is measured along the Y axis and of oranges on the X…

A: The optimal consumption bundle is when MRS is equal to the slope of the budget line.

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.