Question
Can an individuals demand curve for a specific good be upward sloping (i.e., as price falls, the quantity demanded drops)? If you think it can
Can an individuals demand curve for a specific good be upward sloping (i.e., as price falls, the quantity demanded drops)? If you think it can be upward sloping, illustrate this by showing a set of indifference curves (for this good and another good) and budget constraints (where the differences in the budget constraints are due to variation in the price of the good being analyzed) that implies an upward-sloping demand curve. Illustrate that these indifference curves imply an upward-sloping demand curve. Do you think these indifference curves are fairly typical or odd? Why?
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