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Author Question: Keith is indifferent between canned soup and fresh soup. In the figure above, Keith's indifference ... (Read 152 times)

MGLQZ

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on: Jun 18, 2019



Keith is indifferent between canned soup and fresh soup. In the figure above, Keith's indifference curves are represented by I1, I2, I3, and I4 curves. Which of the following choices Keith cannot afford?
◦ only 4 canned soups
◦ 2 canned soups and 1 fresh soup
◦ 3 canned soups and 2 fresh soups
◦ only 2 fresh soups
Microeconomics ¦ Perloff ¦ 8th Edition
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stallen

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Reply #1 on: Jun 18, 2019
3 canned soups and 2 fresh soups


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vicky

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Reply #2 on: Jun 18, 2019



Keith is indifferent between canned soup and fresh soup. In the figure above, Keith's indifference curves are represented by I1, I2, I3, and I4 curves. What is the marginal rate of transformation (MRT) of Keith's budget constraint?
◦ MRT = -1
◦ MRT = -4
◦ MRT = -0.5
◦ MRT = -2


bitingbit

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Reply #3 on: Jun 18, 2019
MRT = -2


vicky

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Reply #4 on: Jun 18, 2019
Thank you!


bitingbit

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Reply #5 on: Jun 18, 2019
Always glad to help...


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