Question

Which of the following is a assumption of IC analysis

Answer 1

Explanation:

Here is your amswer mate

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Answer 2

Answer:

(1) The consumer acts rationally so as to maximise satisfaction.

(2) There are two goods X and Y ( Substitution of goods)

(3) The consumer possesses complete information about the prices of the goods in the market.

4. Price of two goods is given.

5. Consumers taste remains same

6. Ordinal utility exists

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