This topic contains a solution. Click here to go to the answer

Author Question: What is an indifference curve and how does a preference map show preferences? What will be an ... (Read 84 times)

burchfield96

  • Hero Member
  • *****
  • Posts: 610
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
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
Thanks for the timely response, appreciate it


ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

For a complete list of videos, visit our video library