The indifference curve is not always convex to the origin. In some cases such as perfect substitutes and when the goods are complements they are not convex to the origin. If the goods are substitutable then the indifference curve is likely to be convex to the origin. No one likes too much of the same … Read more

I think the public judges celebrities too much. It must be really annoying for the celebrities. Would you like if someone did that to you? They are just trying to live their lives like the rest of the persons in the world. People find jobs based on anything these days. The paparazzi for example; their … Read more

The are modern economic systems and there are the more traditional economic systems.Basic types are- Market economy-Planned economy(command economy)-Mixed economy-Developing economy Market economies are usually advocates of capitalism.Planned economy - communismMixed economy-market socialism Back in the days they were systems such as feudalism in place. You can read up more on this topic at … Read more

The advantages of a mixed economy system is that the system advocates social welfare. The government considers persons well being and ensures that they are not being exploited by companies, insurance companies etc. In a mixed economic system there is some government intervention of the market as well as private ownership of property. It allows … Read more