Economics Help: Drawing Indifference Curves
I know this is a math forum, but I'm wondering if anyone here could help me with it.
I need to sketch the indifference curves for the following people:
1) Ed likes variety, prefers to eat meat and bread together
2) Francis dislikes variety, and likes to eat the same thing all the time
3) Mia is a vegetarian; doesn't care (one way or the other) about meat
4) Taka (sumo wrestler) cares only about the number of calories he consumes (wants as much as possible)
5) Larry loves to eat and enjoys variety, but also wants to lose weight. He thinks that food is good at low quantities, and bad at high quantities
here are my solutions:
1) Ed's indifference curve will represent perfect complements since he likes to eat meat and bread together, and will not eat one without the other. Therefore, there is some proportion to the bread and meat he will eat
2) Since Francis likes to eat the same thing all the time, meat and bread must be (perfect) substitutes for her, since her bundles will contain all of one good but none of the other
3) Mia's graph will represent a downward-sloping indifference curve because she is indifferent between the two goods. She will have a declining marginal rate of substitution
4) I think this indifference curve will be a regular indifference curve but farther from the origin
5) have no idea how this indifference curve would work since for Larry, both goods would be a bad
these are what I think are correct, do these sound right? any ideas?
Re: Economics Help: Drawing Indifference Curves
I'll start by saying that these questions are really ambiguously worded, so im not sure.
1) fine, probably, the questio is abiguous.
2) in the case of perfect substitutes, the consumer is indifferent between consuming x,y or both (in an appropriate ratio). this doesn't sound like the situation psoed by the question.
3) my reading of this is that the marginal utility of meat is zero for mia. what will the IC look like then?
4) these are perfect subsitutes. can you see why?
5) see attached pic