Problem
1. What two properties do indifference curves have? How are these properties associated with the properties of the consumer's preferences?
2. What is the representative consumer's goal?
3. When the consumer chooses his or her optimal consumption bundle while respecting his or her budget constraint, what condition is satisfied?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.