(Answered) Indifference curves to be fairly straight

Economics

Problem: Compare the following two pairs of goods:

Coke and Pepsi
Skis and ski bindings

Required:

Question 1: In which case are the two goods complements? In which case are they substitutes?

Question 2: In which case do you expect the indifference curves to be fairly straight? In which case do you expect the indifference curves to be very bowed?

Question 3: In which case will the consumer respond more to a change in the relative price of the two goods?

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Macroeconomics, Economics

Category:- Macroeconomics
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