CENGAGE MINDTAP Q Search this course Homework (Ch 21) X 3. Indifference curves and preferences Study Tools Lorenzo enjoys both beer and seltzer. Assume that the "more is better" principle holds for Lorenzo, meaning that he would always prefer to consume more of either good, holding the level of consumption of the other good constant. ons The two figures below present information regarding Lorenzo's preferences. The points on Figure 1 represent combinations of seltzer and beer that cess Tips Lorenzo might choose to consume. Figure 2 plots the same points as Figure 1, but it also shows some of Lorenzo's indifference curves: I1, I2, and 13. cess Tips Thus, Figure 2 gives more insight into Lorenzo's preferences than Figure 1. ack ? (?) Figure 1 Figure 2 OB G AO OG BEER (Cans) BEER (Cans ) T O C O HO O E D H E O U - COVE nd on H OLOL 10:34 P ENG 4 X D 11/23/202