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Explain the effects of change in price of goods and change in income of consumer on budget line supporting your explanation by graphs? 2. Define the following i. Social cost ii. Private cost iii. Opportunity cost 3. Explain the difference between implicit cost and explicit cost and give an example of each? 4. Explain the difference between Cardinal utility and Ordinal utility? 5. Explain why Isoquant curve is convex to the origin? 6. Explain the critiques of Cardinal’s approach of measuring utility? 7. Consider that Yodit has a money income (m) of Birr 100 and she consumes two goods X and Y. The price of good X and good Y is, Px = Birr 10 and Py = Birr 5 per unit respectively then; a. Drive her budget equation and draw a budget line. b. Calculate the slope of budget line?
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