What do indifference curves look like for preferences exhibiting satiation?

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Rahul Sunny answered 8 months ago

HEALTH ECONOMICS CLASS Indifference Curves and Preferences a. Using a picture of an indifference curve, illustrate...

HEALTH ECONOMICS CLASS Indifference Curves and Preferences a. Using a picture of an indifference curve, illustrate graphically the concept of diminishing marginal returns. b. When we say that a consumer’s utility function is U (H, X), what assumption are we making as economists that non-economists sometimes disagree with?

(a) If your utility is represented by u(x,y) = min(x+2y,2x+y);what do you indifference curves look like?...

(a) If your utility is represented by u(x,y) = min(x+2y,2x+y);what do you indifference curves look like? (b) Given your answer in (a), obtain the MRS (marginal rates of substitution). (c) Suppose the prices of x and y are px = $3 and py = $1 and you have 100 dollars. What would you choose? (d) If px decreases to $1; what would you choose? (e) Use the Slutsky decomposition to decompose the total price effect into the substitution effect and...

1. What do demand and marginal revenue curves look like in monopolistic competition? How do they...

1. What do demand and marginal revenue curves look like in monopolistic competition? How do they compare to the demand and marginal revenue curves in perfect competition and monopoly?

what should the indifference curve between income and crime look like?

1. If indifference curves cross, this violates the assumption: A. that consumer preferences are complete. B....

1. If indifference curves cross, this violates the assumption: A. that consumer preferences are complete. B. that more of a good is better. C. of transitivity. D. that the more a consumer has of a particular good, the less she is willing to give up of something else to get even more of that good. 2. The concept of utility makes it possible to calculate. A. how much happier one bundle of goods makes a person than some other bundle...

For the following preferences, sketch the indifference curves. Also explain whether the preferences satisfy weak convexity and strict convexity.

Question 1: For the following preferences, sketch the indifference curves. Also explain whether the preferences satisfy weak convexity and strict convexity.Preferences #1: The two goods in the commodity space are cats and dogs. The consumer loves cats but hates dogs. Their preferences are determined by the number of cats minus the number of dogs (i.e. one bundle is preferred to another it has more cats minus the number of dogs.Preferences #2: The two goods in the commodity space are plants...

Q 7 (a) What are indifference curves? (b) State and explain the properties of indifference curves....

Q 7 (a) What are indifference curves? (b) State and explain the properties of indifference curves. (c) Explain what factors could cause shift in the budget line.

indifference curves

1. Draw the indifference curves for the following individuals preferences for two goods: hamburgers and beer....

1. Draw the indifference curves for the following individuals preferences for two goods: hamburgers and beer. • Al likes beer but hates hamburgers • Yao eats one hamburger and washes it down with one beer. She will not consume an additional unit of one beer without an additional unit of one hamburger and vice versa. Juan hates hamburgers and he hates beer

With quasilinear preferences, the slope of indifference curves is constant along all rays through the origin.

Is the following statement true or false? Briefly explain your answer. "With quasilinear preferences, the slope of indifference curves is constant along all rays through the origin."

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