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Please give the answers ASAP with respective formula , curve and explanation. Thank You 4. (a) What do you mean by 'Utility Maximization'? How Budget

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Please give the answers ASAP with respective formula , curve and explanation. Thank You

image text in transcribed
4. (a) What do you mean by 'Utility Maximization'? How Budget constraints and Indifference curve helps to dene optimum point of Utility Maximization, explain? (b) i. Draw an Indifference curve from the above Table. ii. Calculate Marginal Rate of Substitution (MRSxy) for the good X & Y iii. Explain each of the outcome of MRSxy and define the good and bad products with appropriate examples

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