MICROECONIMICS
5th Edition
ISBN: 9781319372101
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 10A, Problem 4P
To determine
How many restaurant meals Neha can buy if she spends all her money on them
Concept Introduction:
Indifference curve: The indifference curve is a line showing all possible combinations of two goods which give the consumers equal satisfaction. In other words the consumer would be indifferent in these points.
Budget line: The budget line shows the various combinations of goods and services that can be purchased with the given level of income and considering the prices of other products
Properties of Indifference curve: There are four principles of indifference curves and they are (a) the indifference curves are convex to the origin, (b) the indifference curve do not intersect each other, (c) the indifference curves are downward sloping and (d) the indifference curves do not intersect each other.
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