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Question 1 What are the four basic assumptions about individual preferences? Explain the significance or meaning of each. Question 2 Can a set of indifference
Question 1
What are the four basic assumptions about individual preferences? Explain the significance or
meaning of each.
Question 2
Can a set of indifference curves be upward sloping? If so, what would this tell you about the two
goods?
Question 3
Explain why two indifference curves cannot intersect.
Question 4
Describe the indifference curves associated with two goods that are perfect substitutes. What if
they are perfect complements?
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