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Author Question: What is an indifference curve and how does a preference map show preferences? What will be an ... (Read 81 times)

burchfield96

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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.


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perkiness

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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

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

isabelt_18

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Reply 3 on: Yesterday
Excellent

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