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Filbert and Lychee have convex indifference curves. Note Filbert is indifferent between baskets (3, 2) and (4, 1)--these are x, y coordinates. Lychee is indifferent between baskets (1, 4) and (2, 3) Not that all four baskets lie along a straight line.
a.) Can you determine whether Filbert and Lychee have identical tastes?
b.) Suppose that Filbert chooses (4,1) and Lychee chooses basket (1, 4). Can you determine whether Filbert and Lychee pay identical prices for the goods they buy?
how to calculate it
To really understand it, compute the following price elasticities of demand: · The price of a laptop increases by 20% and there is a 40% drop in the quantity dem
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