Although indifference curves will normally be bowed in toward the origin, on odd occasions they might not be. Which of the diagrams correspond to whic
Although indifference curves will normally be bowed in toward the origin, on odd occasions they might not be. Which of the diagrams correspond to which of the following? Explain the shape of each curve.
\r\n(a) X and Y are left shoes and right shoes.
\r\n(b) X and Y are two brands of the same product, and the consumer cannot tell them apart.
\r\n(c) X is a good but Y is a ‘bad’ – like household refuse.