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Author Question: The MRS of the indifference curves in the above figure A) equals 1/2. B) equals 2. C) changes ... (Read 98 times)

wenmo

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on: Jun 29, 2018
The MRS of the indifference curves in the above figure
 
  A) equals 1/2.
  B) equals 2.
  C) changes when moving along any one of the curves.
  D) is constant along a particular indifference curve, but changes from one indifference curve to the next.

Question 2

Suppose that Richard has just told you that he would not pay more than 100 dollars for one of his favorite baseball cards. You offer to give him 110 dollars for his card and he refuses. What consumer choice theory or effect explains this result?
 
  A) the endowment effect
  B) bounded rationality
  C) bounded self-interest
  D) bounded will power


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kaillie

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

A

Answer to Question 2

A


wenmo

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

mammy1697

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Reply 3 on: Yesterday
Wow, this really help

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