Please answer the following:
a)Microeconomic theories of fertility explain that the number of children that a couple have is balanced against the opportunity cost of raising children: the foregone wages of the mother,the other goods that the couple could have bought with their money,the time cost of raising children,the total resources of the parents,etc.Draw indifference curves for a couple who prefer a smaller number of children to a higher number.
b)The average fertility rate is lower in developed countries with high incomes than in lower income developing countries.How would this be modeled using indifference curves? What can you conclude about the nature of children as an economic good? (Assume that the couple faces a straight line budget constraint.
c)Assume that the foregone hours of free time is the only factor that affects fertility decisions.If the cost of raising children increased,how would this be shown with indifference curves? (Assume that the couple faces a straight line budget constraint)

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The Answer of Please answer the following:
a)Microeconomic theories of fertility explain that the number of children that a couple have is balanced against the opportunity cost of raising children: the foregone wages of the mother,the other goods that the couple could have bought with their money,the time cost of raising children,the total resources of the parents,etc.Draw indifference curves for a couple who prefer a smaller number of children to a higher number.
b)The average fertility rate is lower in developed countries with high incomes than in lower income developing countries.How would this be modeled using indifference curves? What can you conclude about the nature of children as an economic good? (Assume that the couple faces a straight line budget constraint.
c)Assume that the foregone hours of free time is the only factor that affects fertility decisions.If the cost of raising children increased,how would this be shown with indifference curves? (Assume that the couple faces a straight line budget constraint)

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