Indifference curves for these two goods must slope downward

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Reference no: EM131000009

1. Patrick enjoys consuming chocolate but really detests broccoli. Describe the shape of Patrick's indifference curves for these two goods and explain your reasoning.

2. Jaime enjoys both iced tea and hot dogs. Explain why Jaime's indifference curves for these two goods must slope downward.

3. Mallory consumes a bundle of candy and cookies, spending all of her income. The price of candy is $1 and the price of a cookie is $0.50. At her current bundle, the marginal utility of the next bar of candy she could purchase is 12 utils and the marginal utility of the next cookie she could purchase is 6 utils. Should Mallory consume more cookies, more candy, or leave her consumption unchanged?

Reference no: EM131000009

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