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Intermediate microeconomics
Chapter 2
Lectures
Preference symbols
Total order
Indifference curve
More on indifference curves
Perfect substitutes
Perfect complements
Neutrals and bads
Monotonicity
Monotonicity and indifference curves
Convex preferences
Marginal rate of substitution
Marginal rate of substitution, topics
Discrete goods
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Chapter 2
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Perfect complements
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Summary
Two goods are
perfect complement
s
if
every indifference curve is L-shaped where all corners lie on a straight line through the origin
Example: left shoes and right shoes