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(Please Read all) (1) With aid the aid of appropriate diagrams, explain why indifference curves are traditionally convex to the origin? I have already written
(Please Read all)
(1) With aid the aid of appropriate diagrams, explain why indifference curves are traditionally convex to the origin?
I have already written some notes why IC are traditionally convex but I cannot showcase this issue with a diagram properly that's transferable into the second question Which asks:
(2) Given the indifference curve for two goods is convex, derive a price inelastic demand curve for good X.
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