1. Business
  2. Economics
  3. please follow specific instruction and show all work...

Question: please follow specific instruction and show all work...

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2. For each of the following scenarios, sketch three indifference curves for hamburgers and soft drinks. Label your curves as IC, IC2, and IC3, where U1く くUs. (a) Joe always likes hamburgers and experiences a constant marginal utility. At first he dislikes soft drinks, but each additional soft drink isnt as bad as the last. Once he consumes more than 5 soft drinks he starts to like them and then experiences an increasing marginal utility. (6 points b) Mary likes hamburgers and soft drinks and always gets twice as much sat- isfaction from an extra hamburger as she does from an extra soft drink. (6 points) (c) Bill dislikes hamburgers, but neither likes nor dislikes soft drinks. (6 points) (d) Molly likes hamburgers and soft drinks, but always insists on consuming ex- actly one soft drink for every two hamburgers that she eats. (6 points)

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