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Author Question: Every point on a budget line has an indifference curve passing through it. Explain whether the ... (Read 44 times)

RODY.ELKHALIL

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on: Jun 29, 2018
Every point on a budget line has an indifference curve passing through it. Explain whether the previous statement is correct or not.
 
  What will be an ideal response?

Question 2

The above figure shows the marginal private benefit and marginal social cost of a college education. If students receive a 10,000 voucher
 
  A) no students will go to college.
  B) less than 10 million students will go to college.
  C) 10 million students will go to college.
  D) more than 10 million students will go to college.


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zacnyjessica

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

The statement is correct. The consumer has a preference map that consists of an infinite number of indifference curves, one through every possible consumption combination. So there is an indifference curve passing through every point on a budget line.

Answer to Question 2

D


RODY.ELKHALIL

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

chereeb

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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