W hen you walk into a store, you are confronted with thousands of goods that
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- Quantity of Pizza Quantity of Pepsi
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4 Bowed Indifference Curves Indifference curves are usu- ally bowed inward. this shape implies that the marginal rate of substitution (MRS) depends on the quantity of the two goods the consumer is consuming. at point a, the consumer has little pizza and much Pepsi, so she requires a lot of extra Pepsi to induce her to give up one of the pizzas: the marginal rate of substitution is 6 liters of Pepsi per pizza. at point B, the consumer has much pizza and little Pepsi, so she requires only a little extra Pepsi to induce her to give up one of the pizzas: the marginal rate of substi- tution is 1 liter of Pepsi per pizza. Quantity of Pizza Quantity of Pepsi 14 8 4 3 0 2 3 6 7 Indifference curve 1 1 A B MRS = 6 MRS = 1 65875_ch21_ptg01_433-460.indd 440 15/10/13 11:53 AM Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. CHAPTER 21 the theOrY OF CONSUMer ChOICe 441 Perfect Substitutes Suppose that someone offered you bundles of nickels and dimes. How would you rank the different bundles? Most likely, you would care only about the total monetary value of each bun- dle. If so, you would always be willing to trade 2 nickels for 1 dime, regardless of the number of nickels and dimes in the bundle. Your marginal rate of substitution between nickels and dimes would be a fixed number—2. We can represent your preferences over nickels and dimes with the indiffer- ence curves in panel (a) of Figure 5. Because the marginal rate of substitution is constant, the indifference curves are straight lines. In this extreme case of straight indifference curves, we say that the two goods are perfect substitutes. tải về 1.28 Mb. Chia sẻ với bạn bè của bạn:
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