IndifferenceCurves

# IndifferenceCurves - Draw the budget line(on the same graph...

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Indifference Curves Analysis Refer to the following indifference tables Table 1 Table 2 Widgets Wadgets Widgets Wadgets 5 14 2 10 6 11 3 6 8 7 4 4 12 6 8 2 Table 3 Table 4 Widgets Wadgets Widgets Wadgets 3.25 10 4 13.5 4 6 4.5 11 5 5 5 9 7 4 6 7 9 3 9 5 1. Which table displays the maximum amout of utility? Table 1 2. Graph each currve on te same graph placing widgets on the x axis and wadgets on the y-axis. Which indifference curve displays the maximum amount of utility? Table 1 3. Now suppose, widgets cost \$7.00 and wadgets cost \$6.00. Draw the budget line (on the same graph as questino 2), 6 Widgets 7 Wadgets 4. Now suppose, widgets cost \$5.25 and wadgets cost \$6.00. Draw the budget line (on the same graph), 8 Widgets, 7 Wadgets 5. Now suppose, widgets cost \$10.50 and wadgets \$6.00.
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Unformatted text preview: Draw the budget line (on the same graph), if your budget is \$84.00. How many widgets and how many wadgets will you choose to consume? 5 Widgets, 5 Wadgets 6. On a separate sheet, draw the demand line for widgets usig you answers from questions 3 through 5. x y 12 7 16 5.25 8 10.5 if your budget is \$84.00. How many widgets and how many wadgets will you choose to consume? if your budget is \$84.00. How many widgets and how many wadgets will you choose to consume? 2 4 6 8 10 12 14 2 4 6 8 10 12 14 16 Table 4 Table 2 Table 1 Table 3 Widgets Wadgets 7 8 9 10 11 12 13 14 15 16 17 2 4 6 8 10 12 Column D Power Regression for Column D Widgets Price...
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