1. In this problem, you are asked to consider cases in which “more is not better.”...

1. In this problem, you are asked to consider cases in which “more is not better.” For each of the following scenarios, draw an appropriate indifference curve map over different combinations of Brussels sprouts (X) and broccoli (Y). Put Brussels sprouts (X) on x-axis and broccoli (Y) on Y-axis. Draw 3 indifference curves for each scenario and labeled, , and , from the lowest to the highest utility level.

Hint: to determine the slope of the indifference curves, i.e. whether the indifference curves are upward sloping or downward sloping, start at an arbitrary point (on any indifference curve), reduce the amount of x and ask whether y would have to increase or decrease in order for the person to return to the same indifference curve, i.e., to be indifferent between the original bundle and the new bundle. You can refer to “four particular preferences” in the slides but don’t expect the indifference curves to necessarily look like those depicted in slides.

a) I like Brussels sprouts, but I don’t like broccoli (Brussels sprouts are an economic good and broccoli is an economic bad.)

b) I don’t like Brussels sprouts, and I don’t like broccoli.

c) Brussels sprouts are useless for me, and I don’t like broccoli.

Expert Solution

Rahul Sunny answered 2 years ago

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