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3. Explain the law of diminishing marginal rate of substitution regarding consumer preferences with the help of graph. What is meant by the point where

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3. Explain the law of diminishing marginal rate of substitution regarding consumer preferences with the help of graph. What is meant by the point where the budget line and the indifference curve are tangent? 5 Marks 4. Explain income and substitution effects for normal and inferior goods (Graphical representation is required)

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