different from each other.
At any combination of hockey games and rock concerts, Jones is willing to give up more rock concerts for an additional hockey game, whereas Smith is willing to give up fewer rock concerts for an additional hockey game. Since the MRS is a measure of how many of one good (rock concerts) an individual is willing to give up for an additional unit of the other good (hockey games, the MRS, and hence the slope of the indifference curves, will be different for the two individuals.
7. The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip has a budget of $100 to
spend on the two goods. Suppose that he has already bought one DVD and one CD. In addition
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