Your classmate tells you that he is indifferent between three soft drinks and two hamburgers or two
Question:
a. Draw a rough diagram of an indifference curve containing your classmate's consumption choices.
b. Suppose that your classmate states that he is also indifferent between two soft drinks and three hamburgers or one soft drink and four hamburgers, but that he prefers three soft drinks and two hamburgers to one soft drink and four hamburgers. Use your diagram from part (a) to reason out whether he can have these preferences?
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Indifference IC curve can be stated as consumers yield equal level of satisfaction even if they pref...View the full answer
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