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indifference curves for economic bad
- they are positively sloped
- to compensate for the bad, you need to add a good
indifference curves that are vertical
they are neutral, so the quantity doesn't matter
utility function for perfect substitutes
U = U(x,y) = ax + by
utility function for perfect complements
U = min(ax,by)
cobbs-douglas utility curve
U = x^ay^b
income consumption curve
- shows how the bundle of goods varies with income levels
- found by joining optimum points with each successive increase in income
engel curve
- shows how much of a particular good people will demand at different levels of income
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price-consumption curve
- shows how consumption is affected by a change in the price of goods
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