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Homework 8.1 (Ch 2i] 3. Indifference curves and preferences Jake likes both chocolate and ice cream. Assume that the \"more is better" principle applies to Jake; that is, he would always prefer to consume more of either good, holding the consumption of the other good constant. The points on Figure 1 represent combinations of ice cream and chocolate that Jake might choose to consume. Figure 2 shows the same points as Figure 1, but it also shows some of Jake's indifference curves: 1], IQ, and I3. These curves show more information about Jake's preferences than Figure 1. C?) Figure 1 Figure 2 CHOCOLATE (Bars) 0 . CHOCOLATE (Bars) lCE CREAM (Cones) ICE CREAM (Cones) Homework 8.1 (Ch 21) CHOCO O O O O D CHOCO E H O E A A ICE CREAM (Cones) ICE CREAM (Cones) Complete the following table by indicating which bundles Jake strictly prefers to F given only the information in each figure. Information Given By... A B C D E G H Figure 1 0 0 0 0 Figure 2 0 0 0 0 Indicate whether each of the following statements is true or false given the graphs. Statement True False Figure 1 indicates that Jake is indifferent among bundles C and bundles G. O O Figure 2 indicates that Jake prefers bundle C to bundle G. O O Grade It Now Save & Continue Continue without saving