Microeconomics: Indifference Curve, Marginal Rate of Substitution, Budget Constraint, Diminishing Marginal Utility, Income and Substitution Effects, Behavioral Economics
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This document explains the concepts of microeconomics such as indifference curve, marginal rate of substitution, budget constraint, diminishing marginal utility, income and substitution effects, and behavioral economics. It also discusses the reasons behind irrational behaviors of consumers.