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Figure 21-31 the Figure Shows Two Indifference Curves and Two

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Essay

Figure 21-31 The figure shows two indifference curves and two budget constraints for a consumer named Kevin. Figure 21-31 The figure shows two indifference curves and two budget constraints for a consumer named Kevin.   -Refer to Figure 21-31. If point A is Kevin's optimum, then at that optimum, what is his opportunity cost of a shirt in terms of sweaters?
-Refer to Figure 21-31. If point A is Kevin's optimum, then at that optimum, what is his opportunity cost of a shirt in terms of sweaters?


Definitions:

Sensory Adaptation

The process by which sensory receptors become less responsive to constant stimuli over time.

Absolute Threshold

The minimum intensity of stimulation that must occur before you experience a sensation.

Detection Threshold

The minimum level of intensity at which a stimulus is perceived or detected by the sensory system.

Just Noticeable Threshold

The minimum difference in stimulation that a person can detect 50% of the time; also known as the difference threshold.

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