Question: Question 1 What are the four basic assumptions about individual preferences? Explain the significance or meaning of each. Question 2 Can a set of indifference

Question 1

What are the four basic assumptions about individual preferences? Explain the significance or

meaning of each.

Question 2

Can a set of indifference curves be upward sloping? If so, what would this tell you about the two

goods?

Question 3

Explain why two indifference curves cannot intersect.

Question 4

Describe the indifference curves associated with two goods that are perfect substitutes. What if

they are perfect complements?

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