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Author Question: What will an indifference curve look like between two commodities that are perfect complements, such ... (Read 85 times)

bcretired

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on: Jun 29, 2018
What will an indifference curve look like between two commodities that are perfect complements, such as right shoes and left shoes?
 
  What will be an ideal response?

Question 2

What is the difference between average total cost and marginal cost and are they ever equal to each other?
 
  What will be an ideal response?


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leahm14

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The indifference curve will be L-shaped. This shape indicates that more of either product, without any more of the other, would not make the consumer better off.

Answer to Question 2

Average total cost is total cost divided by output. Marginal cost is the change in total cost divided by the change in output. Marginal cost equals average total cost when the average total cost is at its minimum.


bcretired

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

zacnyjessica

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Reply 3 on: Yesterday
Excellent

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