1.Suppose you are creating your demand for the two goods like; Burger and Hot dog at the same time. Draw an indifference schedule based on the good and bad preferences of your Burger and Hot dog. Depicts an indifference curve for the two goods and explain the nature and characteristics of indifference curve, how do IC influences your utility maximization and diminishing marginal rate of substitution, explain?

2.Calculate marginal rate of substitution (MRS) based on above mentioned indifference curve and define which one consider as good and bad at different stages of indifference curve. Show how do the IC behaves by the changes of income (budget line) or prices of specific goods in the curve?

3.What do you mean by income consumption curve? Due to the ongoing pandemic, the income of the households and consumers are greatly impacted. From your personal experiences, draw an Engel curve for the both normal and inferior goods. Explain the pattern of normal and inferior goods by Engel Law.