Reference no: EM131089489
1. Suppose there are two types of food, meat and bread. Draw indifference curves for the following consumers. (LO3)
a. Ed likes variety and prefers to eat meat and bread together.
b. Francis dislikes variety; she likes to eat the same thing all the time.
c. Mia is a vegetarian who doesn't care (one way or the other) about meat.
d. Taka, a sumo wrestler, cares only about the number of calories he consumes; he wants to consume as many calories as possible.
e. Larry loves to eat and enjoys variety, but he also wants to lose weight. He therefore thinks that food is a good at low quantities, and a bad at high quantities.
2. John's MRS for reading books with watching movies is three movies per book regardless of the amounts consumed. Would he rather read two books and watch no movies, or read no books and watch two movies? What is the formula for his family of indifference curves? What do these curves look like? In this example, are movies and books perfect substitutes, perfect complements, or neither? (LO2, 4)
3. Kate has 25 Smarties and Antonio has 10 Gummies. Suppose Kate's MRS for Gummies with Smarties is four regardless of what she consumes, and that Antonio's is three regardless of what he consumes. Kate and Antonio trade until there is no further opportunity for mutual gain. Can you say anything about what they've traded (how many Smarties for how many Gummies)? (LO4)
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Determine the fundamental resource allocation
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: 1. Suppose there are two types of food, meat and bread. Draw indifference curves for the following consumers. (LO3) a. Ed likes variety and prefers to eat meat and bread together.
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