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1.Are indifference curves useless because it is difcult to derive them experimentally? 2.The indifference curve between a good and garbage is positively sloped. True or

1.Are indifference curves useless because it is difcult to derive them experimentally?

2.The indifference curve between a good and garbage is positively sloped. True or false? Explain.

3.(a) How does partial equilibrium analysis deal with the interconnections that exist between the various markets in the economy? (b) How does general equilibrium analysis deal with them? (c) Why do we deal primarily with partial analysis?

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