If a set of indifference curves for two goods are shaped like concentric rings or ellipses, what does this mean? What do the "short" and "long" axes of the ellipses represent? What about the centre point of the ellipses? (Assume the centre is associated with positive quantities of both goods

Economics Nov 21, 2020

If a set of indifference curves for two goods are shaped like concentric rings or ellipses, what does this mean? What do the "short" and "long" axes of the ellipses represent? What about the centre point of the ellipses? (Assume the centre is associated with positive quantities of both goods.)