Isoquants and isocost curves
Question 1
Write short notes on the following::
i) Scarcity and choices
ii) Isoquants and isocost curves
iii) Substitute and complementary goals
iv) Opportunity cost
Question 2
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