What does an indifference curve tell us about the consumer

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1. We make four assumptions about preferences: completeness and rankability, "more is better," transitivity, and consumers want variety. Briefly describe each assumption.

2. What does the term "utility" mean? How does utility relate to a utility function?

3. Define "indifference curve." What does an indifference curve tell us about the consumer?

Reference no: EM131403813

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