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the origin 1. (3 Points) Intuitively explain why indifference curves are weakly) convex to the (that is, bow inwards) 5. (6 P
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4. The indifference curve represents the marginal rate of substitution (MRS), i.e. how much of a good a consumer needs to give up in order to consume more of another good. Hence, the indifference curve is convex to the origin as the MRS is diminishing. The reason that MRS decreases is due to the principle of diminishing marginal utility - the marginal utility of each product consumed decreases with subsequent consumption.  

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