With the help of a diagram, evaluate the use of indifference curve analysis to explain the relationship between a change in the price of a product and the change in an individual consumer's demand for this product.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_s25_qp_41 Year：2025 Question No：2

Answer:

7.1.4 derivation of an individual demand curve

7.2.1 meaning of an indifference curve and a budget line

7.2.2 causes of a shift in the budget line

7.2.3 income, substitution and price effects for normal, inferior and Giffen goods

7.2.4 limitations of the model of indifference curves

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