Question
For consumption sets which are the closed first quadrant, sketch some representative indifference curves for examples of preferences over the following combinations of commodities. Be
For consumption sets which are the closed first quadrant, sketch some representative indifference curves for examples of preferences over the following combinations of commodities. Be sure to label each axis on all of your diagrams.
(a) Left gloves and right gloves, assuming that you have one right hand and one left hand.
(b) Pennies and nickels.
(c) Dollar bills and dollar coins, assuming that only the total amount of money matters.
(d) Left shoes and right shoes if you have two left feet.
(e) Left shoes and right shoes if you have two left feet and one right foot
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