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Explain what substitute goods and complementary goods are

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a) Explain what substitute goods and complementary goods are.

b) Draw a diagram for two goods, with the quantity of good 1 on the X-axis. What will the indifference curves for substitute goods look like? What will they look like for complementary goods?

c) Explain the relation between marginal willingness to pay and marginal rate of substitution, MRS.

Reference no: EM13894291

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