Show that an indifference curve     a Cannot be thick (cannot have positive thickness, rather than being just a line).     b Cannot bend backward (forming a "hook" at the end).     c Cannot intersect another indifference curve.

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

A: A consumer maximizes his utility by consuming at a point where the indifference curve of the…

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: Why Indifference curve of a rational consumer cannot be parallel to x-axis and y-axis?

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

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: indifference curve

A: Indifference curve (IC) is the locus of various combinations of commodities yielding same utility.…

Q: Define the indifference map for an individual.

A: The want satisfying power of a commodity is termed as the utility. As a consumer consumes a good…

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 over X = {x €R : x > 0}, graphically depic each of the…

A: Hi , as per our guidelines we are only allowed to do first 3 sub parts of a question . Kindly repost…

Q: Clearly comment on the validity of the statement as True or False. Justify your answer in either…

A: The following statement is false . Because slope of indifference curve is convex due to diminishing…

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: 9 True or False Explain If preference is monotonic but not strongly monotonic, indifference curves…

A: Meaning of Indifference Curve: The term indifference curve refers to a situation where there are…

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: Q12. If indifference curve is straight line downward sloping, (a) MRS is increasing (b) MRS is…

A: According to the given question An indifference curve is a curve which is actually and generally…

Q: Which of the following statements is correct? Indifference curves may or may not be negatively…

A: Indifference curve is a graphical image that helps on understanding the satisfaction level received…

Q: Define the indifference curve. Define the indifference map for an individual.

A: The indifference curve is one of the important aspects of consumer demand theory. It is used to…

Q: “Pertaining to different good characteristics; it is possible to distinguish between three different…

A: A graphical representation of a combination of products that gives a consumer a similar level of…

Q: Lower indifference curve represents higher level of satisfaction True/False

A: Indifference curve shows that all the combinations of goods lying on the curve will provide equal…

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: 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: Depict utility function on a number line: U(x)=(x-6)^2 Indifference set around x=3 Lower contour set…

A: Utility function is defined as a function that measures the satisfaction derived by a consumer as a…

Q: At the point of tangency of indifference curve and the budget line: Select one: a. The slope of the…

A: Indifference Curve shows the combination of two goods that give a equal satisfaction. on the other…

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: A consumer’s indifference curves will be influenced by all the following except:…

A: The indifference curve gives the locus of all points that give the same utility after consuming…

Q: Explain in detail whether the following statements are true or false. A demand curve can never be…

A: The quantity of a commodity that customers are willing and able to acquire at various prices within…

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: show that an indifference curve cannot be thick (cannot have positive thickness, rather than being…

A: An indifference curve, with relevancy two commodities, could be a graph showing those combinations…

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

A: Indifference Curve is a locus of different combinations of two goods that provides same satisfaction…

Q: An indifference curve is also known as___________.

A: Indifference curve - It is a graph that depicts the combination of two goods where at every point…

Q: Define indifference curve .

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

Q: MRS is constant along a linear indifference curve

A: An indifference curve is a curve that represents the combination of two goods that give a consumer…

Q: Which of the following is not an assumption of indifference curve? Indifference curves tend to be…

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

Q: Higher Indifference curve means: (a) Consumer has got increment in income (b) Higher utility (c)…

A: # by the name itself we can understand that all the points which lie on an indifference curve…

Q: Indifference curve is vital in explaining the ordinal approach, yet is criticized on the various…

A: The theory of indifference curve analysis was explained by hicks and Allen. According to this theory…

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: The indifference curve for U=min(5x,4y) will be Select an answer and submit. For keyboard…

A: As Given utility function is U=min(5x,4y)

Q: n indifference curve,

A: In the given case, Angela has rejected an offer considering fairness of work. This is an additional…

Q: Each person has an infinite number of indifference curves. True False

A: True Statement.

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.