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III. Essay. Some scholars recommend that all students, regardless of course major must study price theory. Justify your answers. Answer: Someone tells you That theory

III. Essay.

  1. Some scholars recommend that all students, regardless of course major must study price theory. Justify your answers.

Answer:

  1. Someone tells you "That theory has no practical value because it is abstract, it is not real, it exists only in the mind of the theorist."

Refute the statement.

I Briefly explain each of the following terms relevant to consumer behavior.

1.Marginal Rate of Substitution, MRS

2. Equilibrium Purchase Combination

3. Income Line

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