1. Define utility ...state the difference …
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1. Define utility ...state the difference between cardinal and ordinal utility 2. State and explain the Law of diminishing marginal Utility using a schedule 3. State and explain the relationship between TU and MU using a diagram 4. Define Indifference set and Indifference curve .5. explain why the Indifference curve is convex in shape 6.What is MRS .explain using a schedule 7. State the properties of Indifference Curve 8. Giving reasons state whether the following statements are true or false : a. Two ICs are always tangent to each other b.Any combination on any IC gives same level of satisfaction to a consumer .9.Define budget set ...which is an affordable set and why ?10. Explain the slope of budget line.
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