Why indifference curve is convex
Why the indifference curve is convex to origin?
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The Indifference curve is always convex to the origin due to diminishing marginal rate of substitution.
When price discrimination is not possible this profit-maximizing monopolistic competitor charges a price of $______ as well as produces ___________ units of output: (w) $12 || 5 thousand. (x) $15 || 8 thousand. (y) $16 || 7 thousand.
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