Ambrose Has Indifference Curves with the Equation X₂ = Constant

question 29

Multiple Choice

Ambrose has indifference curves with the equation x₂ = constant - 4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (1, 11) ?

• A)-1/11
• B)-11/1
• C)-12
• D)-2
• E)-1

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Definitions:

Average Fixed Cost Curves

A graph representing the fixed costs of production (costs that do not change with the level of output) spread over varying levels of output, typically decreasing as output increases.

Marginal Cost Curve

A graphical representation showing the change in total cost that arises from producing one additional unit of a good or service.

U-Shaped

A descriptive term for a scenario where performance or conditions decline, then bottom out, and finally improve, thus resembling the letter "U".

Average Variable Cost Curve

A graph that represents the variable costs of production divided by the quantity of output, illustrating how cost changes with changes in output.