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1. Explain why the production possibility curve is concave or bowed out. Q2. Explain the income and substitution effects in the law of Demand. Give

1. Explain why the production possibility curve is concave or bowed out. Q2. Explain the income and substitution effects in the law of Demand. Give an example. Q3. Compare and contrast "public goods", "private goods", normal goods and inferior goods, substitutes and complementary goods

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