Problem 2. There is a consumer named Mr. Fox (from the 2009 film Fantastic Mr. Fox), who buys two…

01 May Problem 2. There is a consumer named Mr. Fox (from the 2009 film Fantastic Mr. Fox), who buys two…

Posted at 05:10h in 2Past Paper by Exams

Problem 2. There is a consumer named Mr. Fox (from the 2009 film Fantastic Mr. Fox), who buys two goods, x, and xz. Based on the information in each of the following subparts, draw a plausible set of indifference curves (at least two of them) and indicate the direction of higher utility. Also, write down a utility function U(x, x) that is consistent with your graph. You can assume goods to be completely divisible. It would help you develop your intuitions about basic preference relations if you try to work on them yourself (a) Mr. Fox loves movies (x), but hates carrots (2). (b) Mr. Fox loves movies (x) and neither likes or dislikes butterflies (x) (c) Mrs. Fox (recall that Mr. Fox is married) is indifferent between a black pencil (x,) and a white pencil (r2)

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