Q.5
a) Derive a demand curve using indifference curve analysis. Do all demand curves slope
Downward ?
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Answer:
Both the income effect and substitution effect usually work towards increasing the quantity demanded of the good when its price falls and this makes the demand curve slope downward. ... 8.48 the Indifference curves of a Giffen good are drawn along with the various budget lines showing various prices of the good.
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