1 suppose there are two types of shirts available to carl, Ask an Expert

Economics

1. Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt.

a. What type of preferences is Carl exhibiting?

b. Draw several indifference curves to illustrate Carl's preferences.

c. What is Carl's MRS?

d. Are Carl's preferences monotonies? How do you know?

e. Are Carl's preferences convex, strictly convex, or not convex? Explain/Show how you know

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91521001

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