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The local art gallery charges non-members $20.00 per visit. If you join the ARTS membership, you can view exhibitions for $10.00 per visit but you
The local art gallery charges non-members $20.00 per visit. If you join the ARTS membership, you can view exhibitions for $10.00 per visit but you have to pay an annual fee of M. Use an indifference curve diagram to find the value of M such that you are indifferent between joining and not joining the membership. Suppose that the art gallery charged you exactly that value of M. Would you go to the art gallery more or fewer than if you did not join? For simplicity, assume that the price of all other goods is $1.00
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