Max Macho hates both quiche and white wine. The more he consumes of either, the more unhappy he becomes. He does, however, have convex preferences.
Sketch an indifference curve for Max showing his preferences between slices of quiche and glasses of white wine. Show the direction in which he becomes better off.
Do Max’s indifference curves get flatter or steeper from left to right? Why?
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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 08/17/2016