Question
Expansion path is related to production theory similarly
________________ is related to consumption theorySolution
In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income. Similarly, expansion path is a curve in a graph with quantities of two inputs, typically physical capital and labor, plotted on the axes. The path connects optimal input combinations as the scale of production expands.
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