Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Question
Chapter 6.A, Problem 1P
To determine
Violation of the basic assumptions in the indifference curve.
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Determine which, if any, of Properties 4–1 through 4–4 are violated by the indifference curves shown in the following diagram
Can an indifference curve cross itself? For example, could Figure 3.2 depict a single indifference curve?
Note: figure 3.2 is uploaded in jpg format.
True or false. Assuming the two good case, the level of utility associated with indifference curves increases as the units of either of the two goods increases.
Chapter 6 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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- Find utility functions given each of the following indifferencecurves [defined by U()=k ]: a. z=k1/x/y/ b. y=0.5x24(x2k)0.5x c. z=y44x(x2yk)2xy22xarrow_forwardDiscuss five properties of indifference curves and their relevance for consumer theoryarrow_forwardWhich of the FF. statements is correct regarding the preference of the consumers when the income of the consumer can only be spent between apples and oranges? Assume that apples are written on the vertical axis while oranges are written on the horizontal axis A. when the consumer has few oranges, he is willing to trade more apple to get another orange B. when the consumer has so many oranges already, he will only exchange less apples for an orange C. the declining slope of the indifference curve shows the marginal value of oranges is declining D. all are correct E. none is correctarrow_forward
- Explain how indifference curves can never cross.arrow_forwardTrue or false. Indifference curves are a graphical way to illustrate a person's tastes and preferences towards two goods.arrow_forwardUnder the ordinal theory, a consumer is expected to rank his or her scale of preference from the least to the most satisfying. From this knowledge, describe the assumptions of the ordinal utility theory With the help of illustrations, show how the consumer attains equilibrium under the indifference curve approach   As a student of microeconomics, use the knowledge attained during the teaching-learning process and show how the demand curve is derived under the cardinal theory approach .arrow_forward
- The "useful" are hypothetical units of measurement with which we suppose it can be measure the “satisfaction” that a consumer can derive from consuming a good or service. The amount of utility (satisfaction) that the consumer can derive from consuming a good or service remains constant, no matter how much we consume. "Utility" is something we can measure objectively and is the same for all beings humans. Likewise, we can know in advance the usefulness of a good before consume it. An “indifference” curve represents the combination of two goods that we would want consume, regardless of disposable income or their price. A consumer is in "equilibrium" when his indifference curve is tangent (touches) his budget line. Truth or false and whyarrow_forwarddiscuss the three assumptions of indifference curves.arrow_forwardAssume Sam dislikes doing chores and likes watching TV. Given these preferences, increasing Sam's time spent watching TV while holding time spent doing chores constant Sam's utility. Decreasing Sam's time spent doing chores while holding time spent watching TV constant his utility.  The following graphs depict two sets of indifference curves.arrow_forward
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