WebQuestion: QUESTION 9 If two goods are both desirable and preferences are convex, then there must be a kink in the indifference curves. indifference curves must be straight lines. if two bundles are indifferent, then an average of the two bundles is worse than either one. o the marginal rate of substitution is constant along indifference curves. None of … Web5) If two goods are both desirable and preferences are convex, then a. there must be a kink in the indifference curves. b. indifference curves must be straight lines. c. if two bundles are indifferent, then an average of the …

Solved Question 5 When two goods are perfect substitutes, - Chegg

WebCombining Janet Bain’s budget line and indifference curves from Figure 7.9 “The Budget Line” and Figure 7.11 “Indifference Curves”, we find a point that (1) satisfies the budget … WebBy definition, in economics when we consider indifference curves, we say "more is better", that is the farther of the indifference curve is, the better. So we would always chose the … phonak hilfsmittelpositionsnummern

3.1 Q&A Flashcards Quizlet / Chapter 3 - Consumer Behavior

WebThe Marginal Rate of Substitution is the amount of of a good that has to be given up to obtain an additional unit of another good while keeping the satisfaction the same. As … WebRefer to the above diagram, showing Budget Constraint BC and Indifference Cures I1, I2, and I3. In this instance: options: the consumer can choose any point on or below the budget constraint line BC. the consumer will find that every point along the I3 line is outside the budget constraint. WebEven in the one-person country, where no logical problem of defining indifference curves can arise, such a total-value concept would seem to jumble together hopelessly budget lines and indifference curves. And even if we avoid any con- ... consumption paths must be straight lines and at a given px/py their respective how do you go to browsing history