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Properties of Indifference Curves
U = f (x,y)
Where: u is a predetermined level of utility.
x and y are two commodities to be consumed in combination to guide u.
The slope of the indifference curve gives the rate at which a consumer is willing to exchange one unit of a product for units of another. This is called the marginal rate of substitution.
Technically Efficient Method of Production Let's suppose that commodity X is produced by two methods by employing capital and labour: Factor inputs Met
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