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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. (3 marks)

(ii) The equilibrium of a consumer (consumer satisfaction or utility is

maximized) using indifference theory. (3 marks)

(b) Provide a brief explanation of the following terms:

(i) Production function (3 marks)

(ii) Law of diminishing marginal returns (3 marks)

(c) Explain the concepts of:

(i) Overexploitation of natural resources

(ii) Public goods

(iii) Negative Externalities

(iv) In