Question

#Economics expert

Please answer the attached question​

Answer 1

Answer:

first thing

IC refers to willingness of consumer to substitute one good for other

and MRSxy refers to the state where consumer can substitute given goods with his/her income

Explanation:

so when one income is more than his willingness to substitute is more therefore

MRSxy >

ratio of 2 goods

Answer 2

Answer:

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