Question

Answer the following questions (any three).
a) Distinguish between exogenous and endogenous variable.
b) Give two properties of indifference curves.
c) What is cardinal utility approach? Mention any two assumptions.
d) Distinguish between stable and unstable equilibrium.​

Answer 1

Answer:

In an economic model, an exogenous variable is one whose value is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable. In contrast, an endogenous variable is a variable whose value is determined by the model.

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