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Unformatted text preview: Indifference curves can’t be _______________________. Bundles farther from the origin are _______________________ to those closer to the origin. Indifference curves cannot ________________________. Indifference curves are ________________________ & __________________________. A complete set of someone’s indifference curves is an _______________________________. We can simplify this map into a _____________________________________. Definition: Vocab: ordinal vs. cardinal Utility functions are not unique! a=(5,5) b=(2,8) c=(4,4) d=(1,1) Utility function x 1+ x 2 x 1 x 2 (x 1 x 2 ) 1/2 (x 1 x 2 ) 1/210 10(x 1 x 2 ) 1/2 a b c d Revisiting the properties of preferences as properties of utility functions. Why do we care about these utility functions? What do they tell us as economists? Marginal rate of substitution Definition Mathematical Derivation Example...
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 Spring '08
 Woroch
 Microeconomics, Utility, indifference curves, Utility Functions, Professor Sarah Reynolds, Thomas Nechyba

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