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Assume the standard shapes and attributes of isoprot curves and indifference curves. (Indifference curves are convex, downward sloping and increasing in the NE direction, and
Assume the standard shapes and attributes of isoprot curves and indifference curves. (Indifference curves are convex, downward sloping and increasing in the NE direction, and the implied labor demand curve is downward sloping). Draw in the set of isoprofit curves and indi'erence curves that will induce a contract curve that is (1) vertical, (2) at (= horizontal), and (3) downward sloping. Use the diagrams provided below, where a thick line is a contract curve (CC). Extra diagrams are provided for your convenience to illustrate each case. W CC
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