Comment on what happens to consumer theory

Reference no: EM133300857

Question 1: Comment if according to consumer theory it is true that there is only one optimal basket of goods to be chosen by consumer.

Question 2: Comment on what happens to consumer theory if assumption of non-saturation is violated. graph

Question 3: Comment on whether it is true or false that indifference curves are concave with respect to infinity. graph

Question 4: Comment on whether it is true that, at optimal point of utility maximization, objective valuation of good X in terms of good Y, determined by prices, equals subjective valuation of good X in terms of good Y determined by marginal utility.

Reference no: EM133300857

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