Bridge: Indifference Cu Q Econ F nal Exam Flashc / G suppose that the follo x G

Question

Bridge: Indifference Cu Q Econ F nal Exam Flashc / G suppose that the follo x G 1. Suppose That The Fo Q Econ Midterms Flashce X e Can You Please Explain x x x ? ? ? ! b) Please explain your Secure https://www.fliptecon.com/Course/ViewProblem?unititemiDz361 6561&enrollmentD;:315623 rationale for you r answer to the previous question. Submit 7) Lower levels of satisfaction are found on indifference curves that are: Oa) upward sloping b) linear O c) closer to the origin. d) farther away from the origin. Submit (Survey Question) 8) Please explain your rationale for your answer to the previous question. Submit 9) If Jerry cannot tell the difference at all between Coke and Pepsi, what would Jerry's indifference curves for Coke and Pepsi look like? 9:48 AM O Type here to search 7/25/2018 2

Explanation / Answer

7.c. close to origin.

8. An indifference curve is a downward sloping curve showing inverse relation between consumption of two goods. Any point on same IC shows same level of satisfaction because in order to increase consumption of one good, you have to reduce consumption of other good. An indifference curve far from origin means higher consumption of both goods as compared to an IC close to origin. Higher consumption means higher satisfaction and lower satisfaction on lower IC ie close to origin.

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