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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
George has rather special preferences for DVD rentals. As his income rises, he will increase his rentals until he reaches a total of seven per week. After he is regularly renting seven DVDs per week, however, further increases in his income do not cause him to rent any more DVDs.
a. Provide a simple sketch of George’s indifference curve map.
b. Explain how George will respond to a fall in the price of DVD rentals.
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