The price offer curve is constructed from a set of points tangent to these curves, and the contact curve goesthrough the points at which two of these curves are tangent to each other.
The price offer curve is constructed from a set of points tangent to these curves, and the contact curve goesthrough the points at which two of these curves are tangent to each other. The marginal rate of substitution isequal to the negative of the slope of these curves, and they are drawn with respect to the bottom left and topright of an (*) Edgeworth Box. These curves, which give the level curves of the utility function, are L shaped in thecase of perfect complements, but they are usually convex. A standard type of optimization problem gives a point onone of these curves tangent to a given budget line. For 10 points, name these curves that show the bundles of goodsover which an agent has no preference.
The price offer curve is constructed from a set of points tangent to these curves, and the contact curve goesthrough the points at which two of these curves are tangent to each other.
indifference curves