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

Author Question: What is an indifference curve and how does a preference map show preferences? What will be an ... (Read 104 times)

burchfield96

  • Hero Member
  • *****
  • Posts: 610
on: Jun 29, 2018
What is an indifference curve and how does a preference map show preferences?
 
  What will be an ideal response?

Question 2

Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
 
  A) the supply of bottled water is elastic in the price range considered.
  B) the supply of bottled water is inelastic in the price range considered.
  C) the demand for bottled water is inelastic in the price range considered.
  D) the demand for bottled water is elastic in the price range considered.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

perkiness

  • Sr. Member
  • ****
  • Posts: 348
Reply #1 on: Jun 29, 2018
Answer to Question 1

An indifference curve shows those combinations of goods for which a consumer is indifferent. The consumer has the same level of satisfaction for any combination on a given indifference curve. The family of indifference curves is the preference map. This map shows the person's preferences because it shows how the person ranks each combination of goods. In particular, the person prefers combinations on higher indifference curves to combinations on lower indifference curves.

Answer to Question 2

D


burchfield96

  • Member
  • Posts: 610
Reply 2 on: Jun 29, 2018
Gracias!

ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Four Arch Curve Four Arch Curve
The S-curve in the human vertebral column--a result of the evolution of bipedality--makes humans hig The S-curve in the human vertebral column--a result of the evolution of bipedality--makes humans hig
The Ford logo on display at the 2009 New York International Auto Show. The Ford logo on display at the 2009 New York International Auto Show.
Age Differences in Attention to a Puppet Show Video Age Differences in Attention to a Puppet Show Video
A typical ECT sensor temperature versus voltage curve. A typical ECT sensor temperature versus voltage curve.
Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia). Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia).
Video: System organization - PPM system types (Somatic, Autonomic & Enteric) and Reflex arc types

For a complete list of videos, visit our video library