ECO204Y5 Study Guide - Quiz Guide: Budget Constraint, Pea Soup, Substitute Good

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8 Dec 2013
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** the solutions provided here are very detailed because i want you to learn from them if you did not get the answer correct on the quiz. The amount of detail described here is not what is required on your quiz to get full marks: (5 points) read the statements below carefully. The first sentence provides information to you about the scenario it is true. Decide whether the underlined statement is true, false or uncertain and explain the arguments for your answer. Answers without an explanation will not receive credit. If the answer you give is based on any assumptions, be sure to state them clearly. Assume the following: it is not possible to have concave indifference curves, liesel meminger views pea soup and books as economic goods, and she does not have extreme preferences. False or uncertain: liesel"s indifference curves for pea soup and books are downward sloping and convex shaped.

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