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26 December, 03:24

Describe the indifference curves associated with two goods that are perfect substitutes.

(1) The indifference curves for two goods that are perfect substitutes ...

Describe the indifference curves associated with two goods that are perfect complements

(2) The indifference curves for two goods that

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  1. 26 December, 04:32
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    the answer for the following question is given below:

    Explanation:

    (1.) If the MRS of one for the other one is a fixed sum, two products are ideal replacements. In this case, the heights of the curves of indifference are unchanged, and thus the curves of indifference are dimensional.

    (2.) When two products are ideal complements, the curves of disregard are in L-shaped type. The customer wants to buy the two products in a set ratio in this situation, claim one unit of good 1 for each unit of good 2. Because she has more than one good than the next, the extra units of the first good don't earn her any extra pleasure.
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