Question: Indifference curves are a useful tool for managers to model consumer behavior. What are the properties of a typical consumer's preference ordering? For each property,

Indifference curves are a useful tool for managers to model consumer behavior.

  1. What are the properties of a typical consumer's preference ordering?
  2. For each property, give an example from yourself.
  3. What is the difference between the law of diminishing marginal utility and the law of diminishing marginal rate of substitution? Give an example to illustrate the difference.

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