Question

What is IC and discuss the property of IC?

Answer 1

Answer:

In this article we will discuss about the deduction of the properties of Indifference Curves (IC). The first property of an IC is that it is negatively sloped, i.e., it slopes downward towards right. This property follows from axiom of dominance which implies that both the goods are of MIB type.

Explanation:

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Answer 2

Answer:

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