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Tags
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4

Question
indifference curves will generally be [...] and [...] , and they cannot cross. These are the only restrictions we place on indifference curve maps.
Answer
strictly convex

negatively sloped

Tags
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4

Question
indifference curves will generally be [...] and [...] , and they cannot cross. These are the only restrictions we place on indifference curve maps.
Answer
?

Tags
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4

Question
indifference curves will generally be [...] and [...] , and they cannot cross. These are the only restrictions we place on indifference curve maps.
Answer
strictly convex

negatively sloped
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indifference curves will generally be strictly convex and negatively sloped, and they cannot cross. These are the only restrictions we place on indifference curve maps.

Original toplevel document

Indifference curves cannot touch
he same indifference curve, she must be indifferent between these two bundles as well. But because bundle c contains more of both wine and bread than bundle b, she must prefer c to b, which violates transitivity of preferences. So we see that <span>indifference curves will generally be strictly convex and negatively sloped, and they cannot cross. These are the only restrictions we place on indifference curve maps.<span><body><html>

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