1.Drawindifferencecurvestorepresentthefollowingtypes

of consumer preferences (put oranges on the x-axisand

bananasonthey-axis).Makesuretoincludearrows

to indicate direction of preference. (Hint: Start with

a bundle (say 10 units of each), and think about other bundles that give the consumer the sameutility.)

a)Ineitherlikenordislikeoranges,butlikebananas.

b)I like oranges, but dislikebananas.

c)I dislike oranges, and dislikebananas.

d)I dislike oranges, but neither like nor dislikebananas.

e)I like oranges and bananas. I always consume oranges and bananas with the ratio 5 units of oranges for every 3 units of bananas. If Ihaveextra oranges orbananas in addition to this ratio, I get no satisfaction from them.

f) I like both oranges and bananas, and always get the same additional satisfaction from 2 oranges as I do from 7bananas