Gopal is a rational consumer and consumes two goods X and Y. Is a cardinal measure of utility or satisfaction necessary in order to sketch a set of indifference curves? What are the main characteristics of indifference curves? On the same set of axis draw three indifference curves showing increasing marginal rate of substitution as we move down the indifference curve. Please answer it in  little more detail as it is descriptive

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A: The utility is the amount of satisfaction received from the consumption of a good or service.

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Q: What information is contained in an indifference curve? Why are such curves Downward sloping

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A: lets solve part 1 and part 2 in the following steps

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Q: t is known that the indifference curve is convex.

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Q: True or false. Assuming the two good case, the level of utility associated with indifference curves…

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Q: Which one of the following is incorrect about the indifference curves? All combinations in an…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

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A: The indifference curve shows us the consumption of two commodities that are consumed by the consumer…

Q: What information is contained in an indifference curve? Why are such curves (a) downward-sloping and…

A: An indifference curve(IC) is a graphical representation that shows different combinations of 2 goods…

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A: Disclaimer: Since you have posted a question with multiple sub-parts, I am providing you with the…

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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Q: X a e b d

A: Here, the given figure provide information about the budget line and three indifference curves.

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A:

Q: Which of the following is NOT true about indifference curves? O They are downward sloping O They do…

A: An Indifference curve is a locus of the combination of all the points that represent a different…

Q: What information is contained in an indifference curve? Why are such curves (a) downsloping and (b)…

A: Concerning two commodities, an indifference curve is a graph showing those combinations of the two…

Q: gopal is a rational consumer and consumes two goods x and y. is a cardinal measure of utility or…

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A:

Q: John has a utility function for goods x1 and x2 which is represented by u(x1,x2)=x10.2x20.8. Assume…

A: MU1 = u/x1 = 0.2 x (x2 / x1)0.8 MU2 = u/x2 = 0.8 x (x1 / x2)0.2 MRS = MU1 / MU2 = (0.2 / 0.8) x (x2…

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Q: Šketch indifference curve for the given utility levels. Use arrow to show the direction in which…

A: We will solve the first three subparts only. Please resubmit the question with any other parts you'd…

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