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Joshua hates studying Microeconomics but loves eating chocolate. If he eats four chocolates per each hour of studying Micro, his enjoyment of chocolate exactly cancels
Joshua hates studying Microeconomics but loves eating chocolate. If he eats four chocolates per each hour of studying Micro, his enjoyment of chocolate exactly cancels out his displeasure from studying. The notation is as follows: m = hours of studying Micro, c = number of chocolates consumed. Please put m on the horizontal axis.
Therefore,
- His preferences are transitive [ Select ] ["yes", "no"]
- His preferences satisfy "more is better" assumption [ Select ] ["yes", "no"]
- His preferences are convex [ Select ] ["yes", "no"]
- His indifference curves are [ Select ] ["downward sloping straight lines", "downward sloping curves that are not straight lines", "upward sloping straight lines", "upward sloping curves that are not straight lines", "horizontal lines", "vertical lines", "L-shaped", "none of the above"]
- At the bundle (2 hours, 8 chocolates), the slope of his indifference curve is equal to [ Select ] ["-4", "-3", "-2", "-1", "-1/2", "-1/3", "-1/4", "0", "1/4", "1/3", "1/2", "1", "2", "3", "4", "none of the above"]
- The following utility functions describe his preferences correctly:
- u(m,c) = m + 4c [ Select ] ["yes", "no"]
- u(m,c) = 2c - 4m + 2 [ Select ] ["yes", "no"]
- u(m,c) = c - 4m - 2 [ Select ] ["yes", "no"]
- u(m,c) = 4m - c [ Select ] ["yes", "no"]
- u(m,c) = (m - 4c)3 [ Select ] ["yes", "no"]
- u(m,c) = 0.5(c - 2m)3 - 100 [ Select ] ["yes", "no"]
- u(m,c) = (c - 4m)2 +12 [ Select ] ["yes", "no"]
- u(m,c) = c/(4m) [ Select ] ["yes", "no"]
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