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Draw indifference curves that describe a consumer's preference over: (a.) 1 litre bottled water and 500ml bottled water, when all she cares about is
- Draw indifference curves that describe a consumer's preference over:
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- (a.) 1 litre bottled water and 500ml bottled water, when all she cares about is the amount of water she consumes. (10 points)
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- (b.) left and right gloves with identical colour, size and design. (10 points)
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- Propose utility functions that represents each of the preferences. What are the axioms that these preferences violate? Justify your answer.
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