Write short notes on the following::
i) Scarcity and choices
ii) Isoquants and isocost curves
iii) Substitute and complementary goals
iv) Opportunity cost
a) Explain what the term indifference curve entails.
b) By use of indifference curves diagrams, show and explain:
i) Consumers equilibrium
ii) Income and substitution effect of a fall in price and inferior good
c) What is a monopolist market?
b) Write short explanatory notes on the following:
i) Positive and normative economics
ii) Price discrimination
iii) Marginal rate of technical substitution