1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...

This is a preview. Log in through your library . Abstract Recent monopolistic competition models have identified three main sources of the gains from trade: (1) the introduction of new varieties for ...

Six experiments are described that use magnitude estimation methods to characterize a nonlinear (approximately square root) utility function for money. These same methods can be used to assign ...