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Q1) Lisa is a lawyer and there are two tasks which she hates to do, even though her job requires it. First task is reading law journals (R). Second task, which she also hates, is writing out reports for court (W).

a) Sketch a graph with hours reading on horizontal axis and hours writing on vertical. Using analysis similar to what we did in class, find out whether indifference curves will slope upward or downward. Describe why.

b) Assume Lisa reads for 3 hours and prepares for 5. If Lisa's vision got worse so that she hates reading even more than she does. Would you expect indifference curves to be steeper or shallower at bundle (3,5).

c) Would you expect indifference curve to be steeper or shallower at points which represent lot of reading and very little writing? Describe why?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922678

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