(a) (i) Define an indifference curve (2 marks) (ii) Illustrate and clearly explain the nature of indifference curves for perfect substitutes and for complementary goods (7 […]
(i) Briefly explain two exceptions to the definition of an indifference curve. (4 marks) (ii) Explain any four uses of indifference curve analysis. (8 marks)
A small economy has three main industries which are steel, motor vehicles and construction. The industries are interdependent. Each unit of steel output requires 0.2 units […]