Draw the indifference curve of the consumer

Assignment Help Business Economics

Reference no: EM13830449

1. Let us suppose that the consumer is choosing between beer and milk. The consumer will always prefer beer to milk. However, if the consumer has two choose between two consumption bundles having equal amounts of beer and different amounts of milk, then he or she will choose the bundle having more milk. Draw the indifference curve of the consumer. What is this particular preference called?

2. The consumer likes orange juice and cranberry juice but he or she does not like to have them together. In another words, consumer prefers 8 units of orange juice and 2 units of cranberry juice or 8 units of cranberry juice and 2 units of orange juice to 5 units of each of orange and cranberry juice. Draw the indifference curve of the consumer depicting this kind of preference. what is this particular preference called?

3. A consumer has a utility function given by U(X1, X2) = X1 + X2². Draw the indifference curve of the consumer. What is the name of this particular type of preference?

Reference no: EM13830449

Questions Cloud

What are the characteristics of leaders who derailed : How do you think your co-workers view you in regard to these characteristics - What are the characteristics of leaders who derailed

Two consumption bundles having equal amounts : Let us suppose that the consumer is choosing between beer and milk. The consumer will always prefer beer to milk. However, if the consumer has two choose between two consumption bundles having equal amounts of beer and different amounts of milk, then..

Importance of how training is delivered : For this option, you will explore the importance of how training is delivered. Reflect on the best training program that you have ever attended.

Draft budgeted financial statements from 2012 to 2015 : Draft budgeted financial statements from 2012 to 2015 under both options that provide a realistic assessment of expected revenues and costs, and explain how you have arrived at these budgeted figures.

Draw the indifference curve of the consumer : Let us suppose that the consumer is choosing between beer and milk. The consumer will always prefer beer to milk. However, if the consumer has two choose between two consumption bundles having equal amounts of beer and different amounts of milk, then..

Evaluate who should monitor performance of the business plan : Evaluate who should monitor performance of the business plan? Assess how an organization could evaluate among alternative plans to see what plan(s) might be approved. Propose the criteria that would be used?

Umbrella of the visual and performing arts : Prepare a 1400- to 1750-word paper nominating a 20th century or 21st century figure whose work or artistic contributions stand out in your mind as genius. Your nominee must have a body of work that falls into one of the categories we have been dis..

What are some characteristics of a good measure or metric : Process mapping has been discussed several times during this course. Draw a SIPOC diagram of the orientation process at a former or current organization you’ve been a part of. Indicating which are VA, NVA and BNVA. What are some characteristics of a ..

Impact of arts education on adolescents : Explain how the film addresses the impact of arts education on adolescents. Explain how aspects of the film are related to topics and issues we have discussed and read about in class.

User Account

All Pages