This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What do we call the magnitude of the slope of an indifference curve? What will be an ideal ... (Read 28 times)

WWatsford

  • Hero Member
  • *****
  • Posts: 539
    • Biology Forums!
on: Jun 29, 2018
What do we call the magnitude of the slope of an indifference curve?
 
  What will be an ideal response?

Question 2

How are efficiency and inefficiency represented on a production possibilities frontier?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kthug

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jun 29, 2018
Answer to Question 1

The magnitude of the slope of an indifference curve is called the marginal rate of substitution (MRS). The MRS measures the rate at which the consumer gives up one good to get more of another good, while remaining on the same indifference curve (keeping the consumer indifferent about the changes). The bowed-in shape of the indifference curve is due to the assumption of diminishing MRS.

Answer to Question 2

Efficiency is represented by points along the production possibilities frontier. Inefficiency is represented by points inside the production possibilities frontier.


WWatsford

  • Hero Member
  • *****
  • Posts: 539
    • Biology Forums!
Reply #2 on: Jun 29, 2018
Thank you


kthug

  • Sr. Member
  • ****
  • Posts: 332
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

The titration curve of acetic acid The titration curve of acetic acid
The oxygen isotope curve illustrates the ratio between 16O and 18O. The oxygen isotope curve illustrates the ratio between 16O and 18O.
Barenaked Ladies - Call And Answer (Video Version) Barenaked Ladies - Call And Answer (Video Version)
Derive the following using the increment/delta method and find its slope Derive the following using the increment/delta method and find its slope
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus). Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus).
Video: Simple Diffusion - gases and nonpolar compounds transport

For a complete list of videos, visit our video library