Question
The production-side analog of this value equals the slope of an isoquant. For 10 points each:
[10m] Name this value that represents the quantity of a good that a consumer is willing to give up for some amount of another good at the same level of utility.
ANSWER: marginal rate of substitution [or MRS; prompt on rate of substitution]
[10e] The marginal rate of substitution is the slope of one of these curves. A consumer has no preference between bundles of goods represented by points on these curves.
ANSWER: indifference curves
[10h] Connecting the tangent points where isoquants and isocost lines meet produces this curve, which is linear for homothetic production functions. Its consumption-side analog is the income-consumption curve.
ANSWER: expansion path [or scale line]
<Social Science>
Summary
| 2023 ACF Nationals | 04/22/2023 | Y | 1 | 10.00 | 100% | 0% | 0% |
Data
| Chicago A | Georgia Tech A | 0 | 10 | 0 | 10 |