Illustrate what is the effect on equilibrium price

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Q. Consider the choice between leisure and consumption that an individual faces.

a. What is the relationship, in a mathematical equation, between the slope of an indifference curve and the utility function?

b. Prove or show why this relationship in part a is true.

Q. Illustrate what is the effect on equilibrium price and quantity in the market for oranges if a new orange picking machine is developed?

Reference no: EM1347117

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