Question

Clark enjoys fishing and hunting. He divides his leisure hours between the two outdoor activities. Suppose we were to draw Clark’s indifference curves for the two activities, placing fishing on the horizontal axis and hunting on the vertical axis. If Clark’s indifference curves are bowed inward, then...

Answer 1

Answer:

the rate at which Clark is willing to trade off hunting activity for fishing activity changes depending on how many hours of each activity he has engaged in for the period. For instance, if Clarke has dedicated a lot of hours to hunting in one week, he will be more willing to trade off some hours for fishing than if he has only hunted a little that week

Explanation:

In marginal rate of substitution (MRS), when indifference curves are bowed inward, marginal utility of a good is traded off for another when there is abundance supply of such good. In other words, the marginal utility of a good is dependent on the supply.

In this question, the rate at which Clark is willing to trade off hunting activity for fishing activity changes depending on how many hours of each activity he has engaged in for the period. For instance, if Clarke has dedicated a lot of hours to hunting in one week, he will be more willing to trade off some hours for fishing than if he has only hunted a little that week

Answer 2

Answer: please look at the Explanation for the answer

Explanation:If Clark’s indifference curves are bowed inward, then, the rate at which he is willing and ready to give up an hour of hunting for an hour of fishing will change with respect to how many hours of each outdoor activity he has done.

For example, if Clark has spent

time fishing in one week, he will be more willing to give up an hour of fishing for an hour of hunting than if he hasnt spent time fishing that week.