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Author Question: What do we call the magnitude of the slope of an indifference curve? What will be an ideal ... (Read 69 times)

WWatsford

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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?


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kthug

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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

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Reply #2 on: Jun 29, 2018
Thank you


kthug

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Reply #3 on: Jun 29, 2018
No problemo


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