1 describe the indifference curves associated with two, Ask an Expert

Economics

1. Describe the indifference curves associated with two goods that are perfect substitutes. What if they are per- fect complements?

2. What is the difference between ordinal utility and cardinal utility? Explain why the assumption of car- dinal utility is not needed in order to rank consumer choices.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91576383

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Questions -1 fifteen years ago 1000 was deposited in a bank

Questions - 1. Fifteen years ago $1000 was deposited in a bank account, and today it is worth $2370. The bank pays interest semi-annually. What was the nominal annual interest rate paid on this account? 2. You borrow $35 ...

Question let velocity be 3 and the money supply be 500a if

Question: Let velocity be 3 and the money supply be $500. a. If we assume that velocity is independent of the price level, what is the aggregate demand curve? b. Now let the long-run aggregate supply curve be Y=100. What ...

Question every so often a disgruntled college graduate sues

Question: Every so often, a disgruntled college graduate sues her school on grounds that her tuition payments did not land her the good job she was expecting when she started there. Courts invariably throw out cases like ...

Question there has been a marked decline in unionizationa

Question: There has been a marked decline in unionization. A. describe 3 strategies unions have used to stem the decline in their membership. B. Explain and show graphically why an efficient contract requires the union t ...

Question the town of lookout mountain georgia had become a

Question: The town of Lookout Mountain, Georgia, had become a desirable place to live, and property owners were subdividing some of their land within the city limits in order to build new homes. However, after some peopl ...

Question 950 wordsyou have selected what you believe is an

Question: 950 words You have selected what you believe is an ideal market segment to pursue with your advertising and public relations strategy. You believe that targeting this segment will reach your specific marketing ...

Question visualizing global economic issues the effects of

Question: Visualizing global economic issues: The effects of an import quota In which industries do you suppose policymakers are more likely to impose quotas: goods or services? Why? Management notebook: U.S. taxpayers s ...

Question what are the entry methods to foreign markets

Question: What are the entry methods to foreign markets? Assume that your choice is export. When exporting to a market some advantages and disadvantages effect the company's decision. What are these advantages and disadv ...

Question - research a recent within one year article that

Question - Research a recent (within one year) article that discusses an unethical behavior or activity associated with a famous apparel or accessories brand. Discuss the article and any associated articles that disclose ...

Question assume that us imports have an income elasticity

Question: Assume that US imports have an income elasticity of 1.3 and a price elasticity of -0.5, and US exports have an income elasticity of 1.2 and a price elasticity of -0.7. They also have a ‘‘repercussion elasticity ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert