Explore BrainMass
Share

# Budget Constraint, Substitutes, Complements,Indifference Map

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

For each case below:
1) State if the goods in the bundles are "perfect substitutes," "perfect complements," or "imperfect substitutes" and 2) Draw 3 curves that could represent an indifference map for a consumer.

Cases:
(A) The bundles includes left shoes and right shoes

(B) The bundles includes 8 ounce frozen orange juice and 12 ounce frozen orange juice

(C) The bundles includes rice and potatoes

https://brainmass.com/economics/personal-finance-savings/budget-constraint-substitutes-complements-indifference-map-502115

#### Solution Preview

(A) The bundles includes left shoes and right shoes

These are perfect complements because a person wears the left shoe with the right shoe. When we draw indifference curves the elbows of the curves are collinear.

(B) The bundles includes ...

#### Solution Summary

The answer to this problem explains the Budget Constraint. The references related to the answer are also included.

\$2.19