Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter C, Problem 2QP
(a)
To determine
Explain why the indifference curves are downward sloping.
(b)
To determine
Explain why the indifference curves are convex to the origin.
(c)
To determine
Explain why the indifference curves do not intersect each other.
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Explain why indifference curvesa. are downward sloping.b. are convex to the origin.c. do not cross.
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Chapter C Solutions
Microeconomics
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Consider a budget line drawn with apples on the vertical axis and oranges on the horizontal axis. The consumer's income is $100, the price of apples is $5, and the price of oranges is $10. Suppose the consumer's income falls to $75.00, but the prices of apples and oranges remain unchanged. The change in income produces a: a) parallel shift inward of the indifference curves. b) new budget line which is flatter than the original one. c) new budget line which is steeper than the original one. d) parallel shift inward of the budget linearrow_forwardExplain how indifference curves can never cross.arrow_forwardWrite down and explain the four properties of indifference curve. Provide adequate graphs. Don,t copy from anywhere. Answer step by step. Answer must be correct. Must Provide adequate graphs.arrow_forward
- Q) U = xy and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？ Explain it correctly not copy paste.arrow_forwardAs the price of a good rise, the consumer will experience Select one: a. a southwesterly movement on the indifference map b. a desire to consume a different combination of goods c. all choices d. a decrease in utilityarrow_forwardConsider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?arrow_forward
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