The indifference curve is illustrated below.
<h3>How to explain the indifference curve?</h3>
The social utility function is W = UL + UA, then the social indifference curves are straight lines with a slope of -1.
We write W = UL + UA = 1. Rearranging the terms obtains: UL = 1 – UA
This is the algebraic form for this indifference curve. Geometrically, it’s a straight line with the slope -1.
We can construct indifference curves for other levels of the social utility:
UL = 2 – UA for W=2, UL = 3 – UA for W=3, etc.
This social utility function implies that society views Augustus and Livia as interchangeable members of society
If the social utility function is W = UL + 2UA, then the society values Augustus’ utility twice as much as Livia’s utility.
Learn more about indifference curves on:
brainly.com/question/14514309
#SPJ1
Answer:
Microeconomics
Explanation:
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. It also takes into account taxes, regulations, and government legislation.
Microeconomics main focus is on the supply and demand and other forces that determine the price levels in the economy. Microeconomics main purpose is to understand human choices, decisions, and the allocation of resources
Answer: B
Explanation: Short-term memory has a fairly limited capacity; it can hold about seven items for no more than 20 or 30 seconds at a time. Unlike sensory and short-term memory, which are limited and decay rapidly, long-term memory can store unlimited amounts of information indefinitely.