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In: Economics

The process of choosing among alternatives also requires that you decide which of two alternative goods...

The process of choosing among alternatives also requires that you decide which of two alternative goods (or how much of one good relative to a basket of other goods) you prefer. Discuss the importance of this requirement and, without drawing a graph, describe how this can be illustrated with a graph. Discuss the role of indifference curves used to represent the preferences of the consumer. Include in your discussion the three assumptions needed.

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Rahul Sunny answered 11 months ago
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