StudyDaddy Economics https://www.mediafire.com/file/a140jmyq53kkufh/Homework_1.docx/file Please do the questions in the document

https://www.mediafire.com/file/a140jmyq53kkufh/Homework_1.docx/file Please do the questions in the document


Homework # 1

Question no. 01

  1. What is utility? State the law of diminishing marginal utility.

  2. Distinguish between cardinal utility and ordinal utility.

  3. What is the indifference curve? Mention the properties of indifference curves.

  1. Show that consumer’s equilibrium occurs at

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