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If good X is measured on the horizontal axis and good Y

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2. (a) If good X is measured on the horizontal axis and good Y on the vertical, what can you say about the preferences of someone whose indifference curves are;i. parallel to the Y axis?;ii. positively sloped with more desirable indifference curves as one moves to the right?;iii. negatively sloped with more desirable indifference curves as one moves to the left?;(b) What is the condition for optimal choice? When will it not hold? Is it a sufficient condition?

 

Paper#27939 | Written in 18-Jul-2015

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