Please see below. I just need help with the one I got incorrect which is the a graph. Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are shown. Some of these curveare drawn in a way that is inconsistent with assumptions usually made about utility.For each of the accompanying graphs, determine which indifference curve assumption is violated if any.12В.IIFoodFoodConsumers get more utility from some goodsMore of a good is preferred to less.than others.Incorrect O Attempt 1Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are:are drawn in a way that is inconsistent with assumptions usually made about utility.< O FeedbackFor each of the accompanying graphs, determine which indifference curve assumption is violated ifYour answer for graph A is incorrect.If diminishing marginal utility occurs,12Kat would give lots of arrows for 1 unitof food when she has many arrows, andfewer arrows for 1 unit of food whenВ.she possesses fewer arrows.IIFoodFoodConsumers get more utility from some goodsMore of a good is Įthan others.IncorrectSMOLI

Answered: Suppose that Kat likes arrows and food.…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.4P

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Please see below. I just need help with the one I got incorrect which is the a graph.

Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are shown. Some of these curve
are drawn in a way that is inconsistent with assumptions usually made about utility.
For each of the accompanying graphs, determine which indifference curve assumption is violated if any.
12
В.
II
Food
Food
Consumers get more utility from some goods
More of a good is preferred to less.
than others.
Incorrect

O Attempt 1
Suppose that Kat likes arrows and food. Kat's potential indifference curves for these two goods are:
are drawn in a way that is inconsistent with assumptions usually made about utility.
< O Feedback
For each of the accompanying graphs, determine which indifference curve assumption is violated if
Your answer for graph A is incorrect.
If diminishing marginal utility occurs,
12
Kat would give lots of arrows for 1 unit
of food when she has many arrows, and
fewer arrows for 1 unit of food when
В.
she possesses fewer arrows.
II
Food
Food
Consumers get more utility from some goods
More of a good is Į
than others.
Incorrect
SMOLI

Expert Solution

Step 1

An indifference curve is used to explain the law of diminishing marginal utility that applies to almost every product and to every individual. It is generally a convex, downward-sloping curve to show the relationship between the consumption of two goods.

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