Answer completely and typewritten to get upvote. If you already answered this, don't answer. I'll downvote you if i see the same answers. Thank you W7Ms. Bain maximizes6.utility (given herbudget constraint)at point X, skiing 2days and spending 3days horseback riding.BudgetliņeCurve BUYCurve A1Curve CV1 2 3 4 5 6 7Days of horseback riding per semesterPart II GraphN4.3.Days of skiing per semester 1. Refer to the graph on page 2, assuming no budget constraint, which indifference curverepresents the highest total utility that Mrs. Bain can enjoy from consuming days ofhorseback riding and days of skiing per semester? Justify your answer. Explain using theobjective of consumers per the consumer behavior theory and assumption(s) of the OrdinalUtility Approach to support vour choice.

An ordinal utility function is a function that represents an agent's preferences on an ordinal scale…

Answered: W 7 Ms. Bain maximizes 6. utility…

W 7 Ms. Bain maximizes 6. utility (given her budget constraint) at point X, skiing 2 days and spending 3 days horseback riding. 5 4 er semester

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 8P

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Answer completely and typewritten to get upvote. If you already answered this, don't answer. I'll downvote you if i see the same answers. Thank you

W
7
Ms. Bain maximizes
6.
utility (given her
budget constraint)
at point X, skiing 2
days and spending 3
days horseback riding.
Budget
liņe
Curve B
U
Y
Curve A
1
Curve C
V
1 2 3 4 5 6 7
Days of horseback riding per semester
Part II Graph
N
4.
3.
Days of skiing per semester

1. Refer to the graph on page 2, assuming no budget constraint, which indifference curve
represents the highest total utility that Mrs. Bain can enjoy from consuming days of
horseback riding and days of skiing per semester? Justify your answer. Explain using the
objective of consumers per the consumer behavior theory and assumption(s) of the Ordinal
Utility Approach to support vour choice.

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