Winter is taking a course from Professor Rajni who will count only her worst midterm grade and
Question:
Winter is taking a course from Professor Rajni who will count only her worst midterm grade and a course from Professor Yiran who will count only her best midterm grade.
(a) In Professor Rajni's course, Winter has scores of 30 on her first midterm and 50 on her second midterm. With the first midterm score on the horizontal axis and the second score on the vertical axis, draw her indifference curve that goes through the point (30, 50). Are her preferences convex? strictly convex? monotonic? Explain.
(b) In Professor Yiran's course, Winter has scores of 20 on her first midterm and 70 on her second midterm. With the first midterm score on the horizontal axis and the second score on the vertical axis, draw her indifference curve that goes through the point (20, 70). Are her preferences convex? strictly convex? monotonic? Explain.