Illustrate what is the shape of an indifference curve if, Ask an Expert

Economics

Q. Assume the marginal utility of good A is 4 utils and it's price is $2 and the marginal utility of good B is 6 utils and it's price is $1. Is the individual consumer maximizing (total) utility if she spends a total of $3 buying one unit of each good? If not, how can more utility be obtained?

Q. Illustrate what is the shape of an indifference curve if there are economic bads on both axies? e.g. pollution and garbage?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9224939

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