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describe clearly:

1. Why Indifference curves are downward sloping?
2. Why Indifference curves are flatter when moving to the right?(Use a figure to show )
4. Define and show in a graph what is "Income effect" and " substitution effect".(You need to fshow budget line (iso-value) and indifference curves)
4. If a country's growth is biased in favor of its import, this should unequivocally improve its terms of trade and its economic welfare. Use a graph to describe why
5. what would be the effect of transfers of income from "Home" to "Foreign" on "relative demand " and "terms of trade" if home has a lower marginal propensity to spend on its own goods than on imports?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M959246

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