Anand consumes lesser units of good X when its price falls but more units of X when his income rises. Which of the following statements is true about good X.

Elasticity of demand is constant and equal to 1 at every point on the demand curve. The shape of such a demand curve would be :

Which of the following indicates the slope of Budget Line?

Why indifference curves are convex to origin?

1. Due to the constant market rate of exchange.
2. Due to the increasing marginal rate of substitution.
3. Due to the constant marginal rate of substitution.
4. Due to a diminishing marginal rate of substitution.

Arrange the following concept emerges in context of consumer equilibrium.

(A) Transfer his expenditure from Good Y to Good X.

(B) Sacrifice more of Good Y to gain Good X.

(C) Till, Marginal Rate of Substitution (MRSxy) = Market Rate of Exchnage.

(D) Suppose, Marginal Rate of Substitution (MRSxy) > Market Rate of Exchnage.

Choose the correct answer from the options given below:

Two goods X and Y are such a combination that, when the price of good Y increases, the demand for good X increases,

How are goods X and Y related?

Given the prices of goods and income of the consumers, the consumer can buy any bundle (X$_1$, X$_2$) such that P$_1$X$_1$ + P$_2$X$_2$ ≤ M. This inequality in the above equation is called__________.