Reference no: EM131233142
1. Professor S. gives two assignments in her class. She uses the higher of the two grades when she wants to calculate the final grade for the course.
(a) Suppose x1 represents the grade for assignment 1 and x2 shows the grade for assign- ment 2. Alice wants to maximize her grade. On a graph draw an indifference curve showing all the combinations that Alice likes as much as x1 = 80 and x2 = 40. Draw another indifference curve showing all the combinations that Alice likes as much as x1 =70andx2 =70.
(b) Does Alice have convex preferences over these combinations?
(c) Observing that students do not study hard, Professor S. changes her policy to using the lower of the two grades to calculate the course grade. With a different color, draw an indifference curve showing all the combinations that Alice likes as much as x1 = 80 and x2 = 40. Draw another indifference curve showing all the combinations that Alice likes as much as x1 = 70 and x2 = 70.
(d) Does Alice have convex preferences over these combination
2. Construct a representative indifference curve for each of the following situations. Describe the preferences in each case.
(a) The two goods are dimes (10¢) and loonies ($1)
(b) The two goods are money and oysters, and eating more than a certain number of oysters makes consumer sick.
(c) The two goods are right gloves and left gloves and the consumer has two hands.
(d) The two goods are right gloves and left gloves and the consumer has only one hand.
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