5_IndifferenceCurves_ToPost

5_IndifferenceCurves_ToPost - indifference.SydneyJ.Harris...

Info icon This preview shows pages 1–22. Sign up to view the full content.

View Full Document Right Arrow Icon
“Many a secret that cannot be pried out by curiosity can be drawn out by  indifference.” – Sydney J. Harris ECON 410 Indifference Curves/Maps
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
2 Class 5 – Indifference Curves/Maps
Image of page 2
3 Class 5 – Indifference Curves/Maps
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
4 Class 5 – Indifference Curves/Maps How to people make a choice ? a b
Image of page 4
5 Class 5 – Indifference Curves/Maps
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
6 Class 5 – Indifference Curves/Maps
Image of page 6
7 Class 5 – Indifference Curves/Maps
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Self-Clicker Question (P): In this course, you have 6 graded HW assignments and 3 Midterms. What combination of graded HW assignments and Midterms would make you indifferent to this combination? Being honest with yourself, pick the option that is closest to making you indifferent , not better or worse. 1. 7 HW, 2 Midterms 2. 8 HW, 2 Midterms 3. 9 HW, 2 Midterms 4. 10 HW, 2 Midterms 5. 11 HW, 2 Midterms 26% 23% 23% 18% 3%
Image of page 8
Self-Clicker Question (P): In this course, you have 6 graded HW assignments and 3 Midterms. What combination of graded HW assignments and Midterms would make you indifferent to this combination? Being honest with yourself, pick the option that is closest to making you indifferent , not better or worse. 1. 5 HW, 4 Midterms 2. 4 HW, 4 Midterms 3. 3 HW, 4 Midterms 4. 2 HW, 4 Midterms 5. 1 HW, 4 Midterms 13% 32% 25% 16% 4%
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Self-Clicker Question (P): In this course, you have 6 graded HW assignments and 3 Midterms. What combination of graded HW assignments and Midterms would make you indifferent to this combination? Being honest with yourself, pick the option that is closest to making you indifferent , not better or worse. 1. 10 HW, 0 Midterms 2. 10 HW, 1 Midterms 3. 10 HW, 2 Midterms 4. 10 HW, 3 Midterms 5. 10 HW, 4 Midterms 9% 44% 40% 5% 2%
Image of page 10
11 Class 5 – Indifference Curves/Maps Midterms Graded HW
Image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
12 Class 5 – Indifference Curves/Maps Midterms Graded HW
Image of page 12
13 Indifference Curve: An indifference curve is the graphical set of all bundles of goods that an individual views as equally desirable. Class 5 – Indifference Curves/Maps
Image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
14 Class 5 – Indifference Curves/Maps Midterms Graded HW
Image of page 14
15 Indifference Map: An indifference map is a complete set of indifference curves that summarize a consumer’s tastes. Class 5 – Indifference Curves/Maps
Image of page 15

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Group-Clicker Question (1 pt): Which of the following is NOT a true statement regarding indifference curves/indifference maps 1 2 3 4 1% 24% 73% 1% 1. An indifference curve is part of an indifference map. 2. An indifference map is a collection of indifference curves. 3. An indifference curve measures an individual’s complete taste profile over two goods. 4. An indifference map is not specific to a baseline “level of happiness”.
Image of page 16
17 Class 5 – Indifference Curves/Maps
Image of page 17

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
18 Class 5 – Indifference Curves/Maps Midterms Graded HW I 1 I 2 I 3 I 4 I 5 I 6 I 7
Image of page 18
19 Class 5 – Indifference Curves/Maps Midterms Graded HW A B C D ~ ~ ~ A B C D
Image of page 19

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
20 Class 4 – Structure of Preferences
Image of page 20
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern