Economics: Indifference Curve, Marginal Rate of Substitution, Budget Constraints, Diminishing Marginal Utility, Income and Substitution Effects, Behavioural Economics

This article explains the concepts of Indifference Curve, Marginal Rate of Substitution, Budget Constraints, Diminishing Marginal Utility, Income and Substitution Effects, and Behavioural Economics in Economics. It also critically evaluates the reasons behind consumers’ irrational behaviours.