Question

With brief explanations, present the fallowing graphically - Indifference courve map far little Jessica who laves ice cream hut hates carrats. (For consistency present ice cream an the harizontal axis and carrat an the vertical axis) Wsing arrow, show the direction of increasing utility - The effect of techirualogical advances an the production function (Iruficate resource inputs/ costs on the horizantal axis and tatal autpust ari the vertical axis. Show hoth the ald and new curves and use an arraw to show the direction of change) - The exparision patho for the outcomes of utility maximization corisumption as the price of the good an the horizarital axis decreases. (Carsider a situation where the goad on the horizontal axis is a giffen good and the good ari the vertical axis is a nurmal good; In your graph present at least three arice levels far the giffers goud) - The exparision path far the nutrames of utility maximization consumption as the level of income increases. (Consider a situation where the gond on the harizantal axis is an inferior good and the good on the vertical axis is a normal quod; Fresent at least three levels of incomes

Answer 1

Answer:When various bundles of two goods are plotted on a graph in such a way that utility of a consumer remains constant by consumption of each bundle, then that curve is known as indifference curve (IC). It shows the preference of consumers for different products.

Step-by-step explanation: