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What does it mean by indifference curve

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Reference no: EM133079944

a. What does it mean by Indifference Curve (IC)?

b. Why IC's are not allowed to cross each other? Explain!

c. If Anita has a budget for recreation an amount of Rp 1.000.000 this semester. She has alternatives to watch movie or concert. Movie ticket costs Rp 50.000 and concert ticket price Rp 200.000. How Anita's budget constraint?

d. What will happen if concert ticket increases to Rp 250.000? How are the effects on Anita's
recreation choice?

e. If it is assumed that the two alternatives are normal goods, draw graphs for the case of (c) and (d) by using the corresponding curves.

Reference no: EM133079944

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