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Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides. Draw a graph where (i)
Drawing indifference curves:
Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides.
- Draw a graph where (i) the X axis is the number of rides taken during one day at Disneyland, and (ii) the Y axis is the number of minutes waiting in line during that day at Disneyland.
- Draw three of Carl's likely indifference curves. Label and number each one.
- Write Carl's likely utility function for items X and Y. Total utility = U = f(X, Y) = ?
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