Indifference Curves: Different Types

[@jasonloh6792]

THIS IS SO GOOD Cant believe no comments or likes on this video.. its very informative and well explained

[@mmsoffo]

Amazing explanation. Simple, as should be.

[@roldvibe6963]

Amazing Video

[@SunilKumar-nh6tp]

excellent Sir.

[@jeantobar6433]

I love you for this sir! Can't thank you enough

[@BurkeyAcademy]

Cool! Love you too!

[@hahahahahasjovt]

At 18:22 it's the other way around, as x is the essential good and y is not. In your drawing, it's possible to be in a spot where you have 0 of x.

[@BurkeyAcademy]

I don't follow your comment. At 18:22 I am talking about quasi-linear, and say how you can definitely have 0 x or 0 y and get 3 utils.

[@tausal1]

excellent explanation! Thank you so much.

[@sylviazhang6786]

The clip helped me a lot!! Thank you !

[@BurkeyAcademy]

You are welcome!

[@MikeHudspeth]

When your voice gets deep, you sound like Robert Downey Jr lol. Thanks for the vid!

[@BurkeyAcademy]

One more vote for Iron Man! Yay! ☺

[@MikeHudspeth]

BurkeyAcademy haha you’re awesome, Mr Stark!

[@jordantic]

Hi there, great vid. Could I ask with regards to complements... would U=min(W,0.5C), W being wine, C being cheese, also have a right angle indifference curve? with the curve along the W axis having twice the length of the C axis?

[@BurkeyAcademy]

Right angle: Yes. Suppose W was on the y axis.... the indifference curve for U=2 would have a vertical line at C=4 and horizontal at W=2.

[@samhive9073]

Very informative, thank you!

[@armywithluv4103]

Thank you

[@enricowongso3452]

This really helped thank you!

[@Shauracool123]

When x is good and y is bad can we say U = 3y/2x. Here x is in the denominator so the increase in x will actually decrease the utility

[@BurkeyAcademy]

Seems like you'd want to reverse the x and y there.

[@returnchan4746]

Hi, can you show how to draw an indifference with this format? U(x)=min{x1,sqrt(x2)}. I'm so confused about this function

[@BurkeyAcademy]

Start making a table of points, and plot them. I'll get you started. Let's draw the indifference curve for U=2. If x1=2 and x2=4, that would work. So would x1=2 and x2= 5, 8, 10, or 20. Find some other points, making sure that the min(x1, sqrt(x2))=2. I think you can do it!

[@ahmedmohamudmohamed2374]

I think : it applies to "perfect complements". If you have 2 right shoes and 4 left shoes; your minimum shoes both right and left should be 2, because you couldn't have 2 right legs and also 5 left legs. I think it's clear√.

[@khanhcanh2769]

Thank you so much!!!

[@mohanbandaru06]

Is their any indifference curve for "U(x,y)=max(x,y)"........ If yes please explain sir in detail. And thank you for providing such usefull information

[@BurkeyAcademy]

Yes... you can figure this out yourself- let me help. Here are some bundles that would all give Utility = 5 according to your function: ={{0,5},{3,5},{5,5},{5,2},{5,0}. Plot these points and connect the dots, and you have an indifference curve!

[@mohanbandaru06]

BurkeyAcademy thank you very much sir.. I understand it now

[@xunit94]

I dont understand quasilinear at all. Wouldnt a graph of a function of a square root x look completely different? Why does it look the way you drew it?

[@BurkeyAcademy]

I'm not sure I understand the question. It looks that way because I plotted some points from the indifference curve with U=3, the function is 3=y+sqrt(x). We could rewrite this as y=3-sqrt(x), if that helps you think about the function in a different way. So, we aren't just graphing sqrt(x). Does that help it make sense?

[@mohanbandaru06]

What is the shape of ic curve in the following cases A.) A good which has 0 utility B) A good which is not consumed.

[@mohanbandaru06]

Thank u so much

[@kleantinashytaj6359]

And if i have perfect complements in this way min {2x-y ; 2y-x} Utility=12 How sholud i bulid the indiferent curve ?

[@bharatecon]

Kleantina Shytaj The graph will be not of 90° angle but kinked with one line at slope 2 and one line at slope 1/2 and where they will intersect that point will be minima the utility u can put equivalent to 12 or anything else. All the Intersections will be at x=y.

[@heidiw3615]

thank you so much! my prof doesnt explain shit