A. Use diagrams to illustrate each of the following: (i) How the demand curve for one product is derived for a consumer using their indifference map. (ii) The equilibrium of a consumer (consumer...

A. Use diagrams to illustrate each of the following:
(i) How the demand curve for one product is derived for a consumer using their indifference map.
(ii) The equilibrium of a consumer (consumer satisfaction or utility is maximized) using indifference theory.


b. Provide a brief explanation of the following terms:
(i) Production function
(ii) Law of diminishing marginal returns
Explain the concepts of:
(i) Overexploitation of natural resources
(ii) Public goods
(iii) Negative Externalities
(iv) Income elasticity