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Question 1 (1) (ii) Draw a diagram showing a bliss point and some indifference curves. Which of the assumptions that we make about preferences

Question 1 (1) (ii) Draw a diagram showing a bliss point and some indifference curves. Which of the assumptions that we make about preferences does this violate? (10 marks) Use the bliss point to split the diagram into 4 quadrants. For each quadrant identify the direction in which utility is increasing and fully explain this. (30 marks)

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Answer Q1 Part1 1Satiation point S is also called the point of bliss Now consider point R on indifference curve IC1 in zone 3 in which indifference curves have also negative slope As the consumer move... blur-text-image

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