5_IndifferenceCurves_ToPost

5_IndifferenceCurves_ToPost - “Many a secret that cannot...

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Unformatted text preview: “Many a secret that cannot be pried out by curiosity can be drawn out by indifference.” – Sydney J. Harris ECON 410 Indifference Curves/Maps 2 Class 5 – Indifference Curves/Maps 3 Class 5 – Indifference Curves/Maps 4 Class 5 – Indifference Curves/Maps How to people make a choice ? a b ᄆ 5 Class 5 – Indifference Curves/Maps 6 Class 5 – Indifference Curves/Maps 7 Class 5 – Indifference Curves/Maps 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% 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% 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% 11 Class 5 – Indifference Curves/Maps Midterms Graded HW 12 Class 5 – Indifference Curves/Maps Midterms Graded HW 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 14 Class 5 – Indifference Curves/Maps Midterms Graded HW 15 Indifference Map: An indifference map is a complete set of indifference curves that summarize a consumer’s tastes. Class 5 – Indifference Curves/Maps 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 17 Class 5 – Indifference Curves/Maps 18 Class 5 – Indifference Curves/Maps Midterms Graded HW I 1 I 2 I 3 I 4 I 5 I 6 I 7 19 Class 5 – Indifference Curves/Maps Midterms Graded HW A B C D ~ ~ ~ A B C D 20 Class 4 – Structure of Preferences 21 Class 5 – Indifference Curves/Maps UNC Basketball National Championships UNC Football National Championships Complete...
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This note was uploaded on 01/05/2012 for the course ECON 410 taught by Professor Codrin during the Fall '07 term at UNC.

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5_IndifferenceCurves_ToPost - “Many a secret that cannot...

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