Question 1
Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Refer to Figure 6.13. Assume Ellen has two products available, pizza and hamburgers. Ellen is always willing to trade one pizza for one hamburger regardless of how many pizzas and hamburgers she has. The curve in Panel ________ represents her indifference curve.
◦ A
◦ B
◦ C
◦ D
Question 2
Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Refer to Figure 6.13. Assume Ellen has two products available, pizza and hamburgers. Ellen must be compensated with more pizzas as she gives up more burgers. The curve in Panel ________ represents her indifference curve.
◦ A
◦ B
◦ C
◦ D
How to choose the right payment plan with changing conditions (Question 3)
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