(Answered) I define an indifference curveii illustrate and clearly

Economics

i) Define an indifference curve?

ii) Illustrate and clearly explain the nature of indifference curves for perfect substitutes and for complementary goods?

(b) Explain the property of convexity to the origin of an indifference curve?

(c) Using the cardinalist approach of consumer behaviour, distinguish between income and substitution effects of a price rise for a normal good?

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Macroeconomics, Economics

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