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1. Suppose Jones and Smith have decided to allocate $1000 per year to liquid refreshment in the form of alcoholic or nonalcoholic drinks. Jones and Smith differ substantially in their preferences for these two forms of refreshment. Jones prefers alcoholic to nonalcoholic drinks, while Smith prefers the nonalcoholic version
a) Draw a set of indifference curves for Jones, and a second set for Smith, with alcoholic drinks on the vertical axis and nonalcoholic on the horizontal axis.
b) Using the concept of the marginal rate of substitution, explain why the two sets of curves are different from each other.
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