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Explain how indifference curves can be used to represent preferences of an individual consumer over commodity bundles.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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TOPIC 2.3 EXPLAIN HOW INDIFFERENCE CURVES CAN BE USED TO REPRESENT PREFERENCES OF AN INDIVIDUAL CONSUMER OVER COMMODITY BUNDLES. DRAW POSSIBLE INDIFFERENCE CURVES BETWEEN a/ TWO COMMODITIES, BOTH WHICH ARE GOOD b/ TWO COMMODITIES, ONE OF WHICH IS A GOOD AND THE OTHER ONE A BAD c/ TWO COMMODITIES, ONE OF WHICH IS A GOOD AND THE OTHER ONE A NEUTER d/ TWO COMMODITIES, ONE OF WHICH IS A GOOD AND THE OTHER ONE A GOOD UP TO A POINT, BUT THAN BECOMES A BAD Economics is the science of how a society solves its economic problems, and as a social science it is concerned primarily with those problems whose solutions involve the cooperation and interaction of different individuals. The microeconomics tries to capture the essence of individual's decision making by laying out some basic assumption or premises that individuals act for a particular purpose, which is to maximise their utility. In its simplest form...
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