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1. A consumer's overall satisfaction is expressed in [[economics]] as his _________________.

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[[File:IndifferenceCurve2.gif|550px]]

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:They are perfect complements. The curves show that "extra" of one good is useless (adds no utility) without "extra" of the other good to go along with it. Extra ketchup provides no added utility without an extra hamburger to go along with it, for example.

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:They are perfect complements. The curves show that "extra" of one good is useless (adds no utility) without "extra" of the other good to go along with it. Extra ketchup provides no added utility without an extra hamburger to go along with it, for example. But if the quantity of both goods increase along the dotted line, then utility does increase.

[[Category:Economics lectures]]

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Economics Homework 4 - Model (view source)

Revision as of 03:33, May 20, 2013