Business, 23.09.2020 17:01 prettygirllniyiaa

Suppose that Jose and Alice have each decided to allocate $750 per year to an entertainment budget in the form of hockey games and rock concerts and will choose to consume positive quantities of both goods. However, they differ substantially in their preferences for these two forms of entertainment. Jose prefers hockey games to rock concerts, while Alice prefers rock concerts to hockey games. a) Draw a set of indifference curves for Jose and a second set for Alice. b) Using the concept of marginal rate of substitution, explain why the two sets of curves are different from each other.

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Suppose that Jose and Alice have each decided to allocate $750 per year to an entertainment budget i...

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