Write a short essay defining and explaining the importance of each of the chosen concept. Each concept essay should not exceed 500 words (or 1500 words in total for the three concepts).
1.Consumer equilibrium
Indifference curve / Indifference map
Budget line
Consumer choice
2. Income and substitution effects
Substitution effect
Income effect
Total effect
Illustrate with diagram for one type of good – normal, inferior or giffen good
3. Marginal rate of substitution
Definition & diagram
Diminishing marginal rate of substitution
Why is it diminishing? Law of diminishing marginal utility.
Reference shoud be cited, using Reference Microeconomic 2019 edition
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